Interim Results

ATHELNEY TRUST PLC: INTERIM RESULTS                                          
                                         FOR THE SIX MONTHS ENDED 30 JUNE 2002                                         

Athelney Trust PLC, the AIM-listed investor in small companies and junior markets, announces its unaudited results for
the six months ended 30 June 2002.

Highlights

  * Unaudited Net Asset Value ('NAV') is 99.4p per share (31 December 2001 : 95.9p, 30 June 2001: 103.4p)
  * Revenue down by 1.2% on a like for like basis
  * Gross Revenue £24,156 (half year to 30 June 2001: £54,212, full year to 31 December 2001, £86,424)
  * Revenue return per ordinary share 0.3p (June 2001: 2.0p)
  * Board more confident about 2003
Chairman Hugo Deschampsneufs said: 'NAV was 105.4p at the end of May. However, a number of adverse factors badly
affected markets in June such as the accounting worries at formerly considered glamour stocks, fears of war between the
USA, UK and Iraq, concerns that the economic recovery was running out of steam and well founded fears that stockbroker
analyst forecasts for individual smaller companies for 2003 are far too high.
'The bear market is now in its third year and, although it cannot yet be compared to 1972-75, it is nevertheless
disheartening to many investors. Until recently Athelney shareholders have been largely exempt thanks to its avowed
strategy of seeking out small companies which have the ambition to grow steadily over the years.
'The Board is convinced that this strategy remains sound even though overall returns will be disappointing in the short
term. The Board believes that the Athelney portfolio has performed creditably in very difficult market conditions. No
quick recovery in NAV should be expected although the Board is much more confident about 2003.
'As is the Board's practice, consideration of a dividend for 2002 will be left until the final results are known.'
                                                        -ends-                                                         
For further information:
Robin Boyle, Chief Executive                                            
Athelney Trust PLC                   020 7630 0036                      
Paul Quade                                                              
CityRoad Communications              020 7334 0243                      

                                                 CHAIRMAN'S STATEMENT                                                  
                                 INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002                                 
I enclose the unaudited results for the six months to 30 June 2002. The key points are as follows:
* Unaudited Net Asset Value ('NAV') is 99.4p per share (31 December 2001 : 95.9p, 30 June 2001: 103.4p).                                                   
* Gross Revenue fell by 55.4 per cent per share to £24,156 compared to the half year ended  30 June 2001, £54,212 and the full year to 31 December 2001,   
£86,424).                                                                                                                                                  
* On a like for like basis, revenue was down by 1.2 per cent.                                                                                              
* Revenue return per ordinary share was 0.3p, a decrease of 85 per cent (31 December 2001: 2.8p, 30 June 2001: 2.0p).                                      
* As is the Board's practice, consideration of a dividend for 2002 will be left until the final results are known.                                         

Results
At first sight the 3.6% rise in NAV for the six months to 30 June 2002 looks perhaps a little disappointing. Indeed,
NAV was 105.4p at the end of May, which, at that period, showed a 10% rise. However, a number of adverse factors badly
affected markets in June, such as accounting worries at a number of companies formerly considered to be glamour stocks
(Enron, Worldcom and Adelphi for example); fears of war between the USA, UK and Iraq; concerns that the economic
recovery was running out of steam; well-founded fears that the stockbroker analyst forecasts for individual smaller
companies in 2003 are far too high; and the belief that the boom in residential property prices was coming to an end
with its likely adverse effect on consumer spending.

Portfolio Review
In a quiet period only one take-over bid was received and accepted - Folkes Group. Comprop and Ann Street were sold and
Enterprise, Enterprise Inns and Wyevale Garden Centres were top-sliced. Fresh purchases of Flying Brands, Fountains,
Merrydown Wine, SCS Upholstery, Severfield-Rowen, Watermark Group and Wynnstay Group were made and top-ups carried out
in Pennant International and Reed Health Group.

Portfolio Strategy
The bear market is now in its third year and, although it cannot yet be compared with 1972-5 is nevertheless
disheartening to many investors. Until recently Athelney shareholders have been largely exempt thanks to its avowed
strategy of seeking out small companies which have the ambition to grow steadily over the years. The Board is convinced
that this strategy remains sound even though overall returns will be disappointing in the short term. Although this
report covers the six months to June, I have to point out that NAV fell a further 10% in July so that, in the first
seven months of the year the NAV fell by 8% whereas the various indices dropped by between 16% and 21% over the same
period.

In short, the Board believes that the Athelney portfolio has performed creditably in very difficult market conditions.
No quick recovery in NAV should be expected although the Board is much more confident about 2003.

Finally, I would like to welcome David Horner, who was appointed as a non-executive director in April 2002, to the
Board of Athelney, which is already in receipt of his good advice.

Hugo Deschampsneufs
Chairman
3 September 2002

                                                  ATHELNEY TRUST PLC                                                   
                                           INTERIM STATEMENT OF TOTAL RETURN                                           
                                          (incorporating the revenue account)                                          
                                         FOR THE SIX MONTHS ENDED 30 JUNE 2002                                         

                                                                                 As restated 
                                                                                 Year ended  
                       Unaudited                   Unaudited                     31 December 
                       6 months ended 30 June 2002 6 months ended 30 June 2001   2001        

                      Revenue   Capital  Total     Revenue     Capital   Total    Total      
                      £         £        £         £           £         £        £          
Gains/(losses) on     -         65,051   65,051    -           132,848   132,848  (9,071)    
investments                                                                                  

Income                24,156    -        24,156    54,212      -         54,212   86,424     

Investment management                                                                        
expenses              (5,739)   (5,739)  (11,478)  (4,460)     (4,461)   (8,921)  (18,141)   

Other expenses        (17,225)  -        (17,225)  (16,525)    -         (16,525) (34,406)   
                      ______    _______  _______   _______     ______    _______  ______     
Return on ordinary                                                                           
activities before     1,192     59,312   60,504    33,227      128,387   161,614  24,806     
taxation                                                                                     

Taxation              4,372     (2,147)  2,225     3,493       (24,081)  (20,588) 10,915     
                      _____     _______  ________  _____       ______    ______   ______     
Return on ordinary                                                                           
activities after      5,564     57,165   62,729    36,720      104,306   141,026  35,721     
taxation                                                                                     

Dividend              -         -        -         -           -         -        (30,648)   
                      ______    _______  _______   ______      ______    ______   ______     
Transfer to reserves  5,564     57,165   62,729    36,720      104,306   141,026  5,073      

                      ______    _______  ______    ______      ______    ______   ______     

Return per ordinary   0.3p      3.2p     3.5p      2.0p        5.8p      7.8p     2.0p       
share                                                                                        

                                                  ATHELNEY TRUST PLC                                                   
                                       INTERIM BALANCE SHEET AS AT 30 JUNE 2002                                        

                                                                            As restated  
                                         Unaudited       Unaudited          31 December  
                                         30 June 2002    30 June 2001       2001         

                                         £               £                  £            
Fixed assets                                                                             
Investments                              1,886,408       1,993,771          1,798,443    

                                         ________        ________           ________     

Current Assets                                                                           
Debtors                                  11,931          38,332             15,535       
Cash at bank and in hand                 53,987          35,339             112,457      
                                         ________        _______            _______      
                                         65,918          73,671             127,992      

Creditors: amounts falling due within    (32,229)        (31,121)           (54,067)     
one year                                                                                 
                                         ________        _______            _______      
Net current assets                       33,689          42,550             73,925       
                                         ________        _______            _______      

Provisions for liabilities and charges   (128,000)       (171,000)          (143,000)    
                                         ________        ________           ________     
Net assets                               1,792,097       1,865,321          1,729,368    
                                         =======         =======            =======      

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               295,464         195,877            204,361      
Capital reserve - unrealised             606,731         768,027            640,669      
Revenue reserve                          33,597          45,112             28,033       
                                         ________        ________           ________     
Shareholders' funds                      1,792,097       1,865,321          1,729,368    
                                         =======         =======            =======      

Net assets per share                     99.4p           103.4p             95.9p        

                                                  ATHELNEY TRUST PLC                                                   
                               CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2002                               
                                                                            As restated  
                              Unaudited              Unaudited              Year ended   
                              6 months ended         6 months ended         31 December  
                              30 June 2002           30 June 2001           2001         

                              £            £          £           £         £            
Net cash (outflow) / inflow                                                              
from                                                                                     
operating activities                       (14,861)               3,558     38,369       

Servicing of finance                                                                     
Dividends paid                (30,643)                (28,845)              (28,845)     
                              _______                 _______               _______      
Net cash (outflow) from                    (30,643)               (28,845)  (28,845)     
servicing of finance                                                                     
                                                                            _______      
Taxation                                                                                 
Corporation tax paid                       -                      -         (51)         

Investing activities                                                                     
Purchases of investments      (38,439)                (201,318)             (554,529)    
Sales of investments          25,473                  157,514               553,083      
                              _______                 _______               _______      
Net cash (outflow) from                    (12,966)               (43,804)  (1,446)      
investing activities                                                                     
                                                                            ______       
                                           ________               _______   ______       
(Decrease) / increase in cash              (58,470)               (69,091)  8,027        
in year                                                                                  
                                           =======                ======    ======       

Reconciliation of operating net revenue                                                  
to                                                                                       
net cash (outflow) inflow from          £                         £         £            
operating activities                                                                     

Revenue on ordinary activities before   1,192                     33,227    42,947       
taxation                                                                                 
(Increase) / decrease in debtors        (6,344)                   (32,957)  890          
(Decrease) / increase in creditors      (3,970)                   7,749     3,602        
Management expenses charged to capital  (5,739)                   (4,461)   (9,070)      

                                        _______                   _______   _______      
                                        (14,861)                  3,558     38,369       
                                        ======                    ======    ======       

                                                  ATHELNEY TRUST PLC                                                   
                                             NOTES TO THE INTERIM ACCOUNTS                                             

                                         FOR THE SIX MONTHS ENDED 30 JUNE 2002                                         

   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 31 December   
         2001 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 31 December 2001, adjusted for the adoption of    
         Financial Reporting                                                           

         Standard 19 Deferred Taxation, adoption of which is mandatory for the year    
         commencing                                                                    

         1 January 2002. FRS19 requires full provision to be made for deferred tax     
         arising from                                                                  

         timing differences between the recognition of gains and losses in the         
         financial statements and their recognition in the tax computation.            

         The comparative figures for 2001 have been restated to reflect the impact of  
         FRS19. Consequently the interest of Athelney Trust's shareholders at 1 January
         2001 and 31 December 2001, as published last year have been reduced by        
         £162,000 and £143,000 respectively to reflect recognition of the additional   
         provision in respect of deferred tax.                                         

   3.    The calculation of the return per ordinary share for the six months ended 30  
         June 2002 is based on the return on ordinary activities after taxation and on 
         the average weighted number of shares in issue during the period of 1,802,802 
         (6 months ended 30 June 2001: 1,802,802).                                     

   4.    Copies of the interim results for the six months ended 30 June 2002 will be   
         sent to all shareholders as soon as practicable. Copies of the interim results
         will be available free of charge for one month from the Company's Nominated   
         Advisor:                                                                      

         Noble & Company Limited                                                       
         76 George Street                                                              
         Edinburgh                                                                     
         EH2 3BU