Interim Results

Athelney Trust PLC
3 September 2001


                     ATHELNEY TRUST PLC: INTERIM RESULTS

                      FOR THE SIX MONTHS TO 30 JUNE 2001


Athelney Trust Plc, the AIM-listed investment company, announces its interim
results for the six months ended 30 June 2001.

Highlights:


      + Unaudited Net Asset Value (NAV) is 112.9p per share (30 June 2000:
        100.5p)

      + Gross Revenue rose by 101 per cent to £54,212 (30 June 2000: £26,921)

      + Revenue return per ordinary share 2.0p, an increase of 186 per cent
        (30 June 2000: 0.7p)

      + Time to cherry pick TMT stocks, says chairman

      + Dividend, as usual, to be decided when full year results known

Chairman Hugo Deschampsneufs said: 'Optimists are in short supply at the
moment, but I make no apology for my optimism over the medium to long term.
The company's investment strategy is tried and tested and is successful. I
have no doubt that the slow start to the second half is purely temporary and
that we can look forward to a future of increased assets and dividends'.

He also believes now is the time to cherry pick TMT stocks. 'Depressing
phrases such as 'difficult market conditions', 'sudden deterioration', 'lack
of visibility' are now commonplace in the technology, media and telecoms
sector whereas only 18 months ago there was a huge excess of optimism.

'Following very heavy price falls, it is now possible to find small TMT
companies with experienced management, good levels of repeat business and
whose shares are standing at a sensible level in the market'.

He said Athelney had started to put together a group of shares which should do
very well when the climate improved. Ultimately the intention was to hold 10
to 15 per cent of the company's assets in the TMT sector.

                                    -ends-

For further information:

Robin Boyle, Managing Director

Athelney Trust Plc 020 7630 0036

Paul Quade

CityRoad Communications 020 7334 0243





                              ATHELNEY TRUST PLC

                             CHAIRMAN'S STATEMENT

              INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2001



I have pleasure in presenting the results for the six months to 30 June 2001.
The key points are as follows:


      + Unaudited Net Asset Value (NAV) is 112.9p per share (30 June 2000:
        100.5p)

      + Gross Revenue rose by 101 per cent to £54,212 (30 June 2000: 
        £26,921)

      + Revenue return per ordinary share was 2.0p, an increase of 186 per
        cent (30 June 2000: 0.7p)

      + As is the Board's practice, consideration of a dividend for 2001
        will be left until the final results are known.



Results

Your Board is greatly pleased with the rise in Net Asset Value between 30 June
2000 and 2001 of 12.3 per cent. Furthermore, the improvement of 7.9 per cent
so far this calendar year has been achieved against an unfavourable background
of falling domestic equity markets.

As far as gross revenue is concerned, the headline figure of £54,212 (up by
101 per cent), is misleading in that it includes a large special dividend from
William Nash, which will not be repeated. Broadly speaking, gross revenue,
minus exceptionals, is flat this year which compares with last year's buoyant
conditions when it seemed that almost every small company wanted to increase
its dividend by a double-digit percentage.




        Portfolio Review

Take-over bids were received and accepted in respect of our holdings in BLP
Group, Brook Service and Nightfreight. Since the 30 June, it is likely that
bids for Cakebread Robey, DBS Management and Time Products will go through as
they are agreed by the incumbent management/owners. Large holdings in WSP
Group, Wyevale Garden Centres and SFI were top-sliced; Jennings Bros.,
Comprehensive Business Services and the rump of William Nash were all sold.

New purchases were made of James Cropper, CA Coutts, Communite.com, Genus,
Personal Group and Private & Commercial Finance. Existing holdings of
Gowrings, European Colour, Seascope Shipping and NWF were topped up.



        Portfolio Strategy

Project cancellations - Difficult market conditions - Sudden deterioration -
Poor visibility - Lengthening sales cycles - Revised outlook. These depressing
phrases are now commonplace in the technology, media and telecoms ('TMT')
sectors whereas only eighteen months ago, there was a huge excess of optimism.
Following very heavy price falls, it is now possible to find small TMT
companies with experienced management, good levels of repeat business and
whose shares are standing at a sensible level in the market.

Your Investment Manager, Robin Boyle, has started to put together a group of
shares which should do very well when the climate improves: Dicom, ICM
Computer, MTL Instruments, Plasmon and Delcam have been added to our existing
very modest involvement in this area. Further purchases will be made from time
to time with the intention of ultimately holding 10 - 15 per cent of
Athelney's assets in these three sectors.



Dividend

Your Board will, at the appropriate time, consider a dividend for the year
2001. However, at this early stage, it seems more than likely that Athelney's
progressive dividend record will be maintained.



Prospects

Optimists are in short supply at the moment but I make no apology for my
optimism over the medium to long term. Your company's investment strategy is
tried and tested and is successful. Your Investment Manager is busy
researching under-valued situations. I have no doubt that the slow start we
have made to the second half is purely temporary and that we can look forward
to a future of increased assets and dividends.





Hugo Deschampsneufs

Chairman

3 September 2001






                              ATHELNEY TRUST PLC

                      INTERIM STATEMENT OF TOTAL RETURN

                     (incorporating the revenue account)

                    FOR THE SIX MONTHS ENDED JUNE 30 2001




                         Unaudited                Unaudited           Audited

                         6 months                 6 months            Year to
                         to 30/6/01               to 30/6/01          31/12/00
                 Revenue Capital    Total Revenue Capital    Total    Total
                 £       £          £     £       £          £        £
Gains/(losses)   -       132,848    132,848 -     (54,199)   (54,199) 31,398
on investments
Income           54,212  -          54,212 26,921  -          26,921  59,604
Investment       (4,460)  (4,461)   (8,921)(3,639) (3,638)    (7,277)(14,890)
management costs
Other expenses  (16,525) -         (16,525)(13,323)-         (13,323)(27,575)

                 _______ ________   _________ _______ ______     _______  ______
Return / (loss)
on ordinary
Activities       33,227  128,387   161,614  9,959 (57,837)   (47,878) 48,537
before taxation

Taxation          3,493  (15,081)  (11,588) 2,722 (11,654)    (8,932) (2,092)
                 _______ ________   _________ _______ ______     _______  ______
Return / (loss)
on ordinary
activities after 36,720  113,306   150,026 12,681 (69,491)   (56,810) 46,445
taxation

Dividend         -       -          -     -       -          -       (28,845)
                                                                      
                 _______ ________   ________ _______ ______     _______  ______
Transfer to /    36,720  113,306   150,026 12,681 (69,491)   (56,810) 17,600
(from) reserves
                 _______ ________   ________ _______ ______     _______  ______

Return / (loss)
per Ordinary
share            2.0p    6.3p       8.3p  0.7p    (3.9)p     (3.2)p   2.6p





                              ATHELNEY TRUST PLC

                   INTERIM BALANCE SHEET AS AT 30 JUNE 2001


                                               Unaudited  Unaudited  Audited
                                               30/6/01    30/6/00    31/12/00


Fixed assets                                   £          £          £

Investments                                    1,993,771  1,771,945  1,788,046


Current assets
Debtors                                        38,332     10,888     34,448
Cash at bank and in hand                       35,339     44,827     104,430

                                               73,671     55,715     138,878

Creditors: amounts falling due within one year (31,121)   (15,775)   (40,629)


Net current assets                             42,550     39,940     98,249

Net assets                                 £2,036,321 £1,811,885 £1,886,295


Capital and reserves
Called up share capital                        450,700    450,700    450,700
Share premium account                          405,605    405,605    405,605
Other reserves - non distributable
     Capital reserve - realised                195,877    146,486    133,789
     Capital reserve - unrealised              939,027    789,708    887,809
Revenue reserve                                 45,112     19,386      8,392


Shareholders' funds                         £2,036,321 £1,811,885 £1,886,295


Net assets per share                           112.9p     100.5p     104.6p




                              ATHELNEY TRUST PLC

                        NOTES TO THE INTERIM ACCOUNTS

                      FOR THE SIX MONTHS TO 30 JUNE 2001





 1.   The financial information contained in this report is unaudited and does
      not constitute statutory accounts within the meaning of Section 240 of
      the Companies Act 1985 (as amended). The results for the year ended
      December 31 2000 were reported on by the auditors and received an
      unqualified report and contained no statement under section 237 (2) or
      (3) of the Companies Act 1985 (as amended) and a copy of this has been
      filed with the Registrar of Companies.

  2   The unaudited results have been prepared on the basis of the accounting
      policies adopted in the audited accounts for the year ended December 31
      2000.


 3.   The calculation of the return / (loss) per Ordinary Share is based on the
      number of shares in issue during the period of 1,802,802 (2000:
      1,802,802).


 4.   Copies of this Interim Statement will be sent to shareholders on, or
      about, the 24 September 2001. Copies will be available, free of charge,
      for a period of one month from the offices of Athelney's Nominated
      Adviser, Noble & Company, 1 Frederick's Place, London, EC2R 8AB