Final Results - Replacement

Athelney Trust PLC
06 April 2005



The following replaces the final results released at 7am under RNS number 6705K. 
In the first highlight the NAV should have read 134.9p per share NOT 124.9 per
share.

                ATHELNEY TRUST PLC: NAV UP 21.6 PER CENT ON YEAR

Athelney Trust plc, the AIM-listed investment company, announces its audited
results for the 12 months ended December 31 2004.

Highlights:

   •Net Asset Value ('NAV') up 21.6 per cent at 134.9p per share (2003:
    110.9p)
   •Revenue up on like for like basis by 9.1 per cent but gross revenue down
    21.2 per cent at £79,822 (2003: £101,345)
   •Dividend income rose 6.4 per cent
   •Revenue return per ordinary share down 29.4 per cent at 2.4p (2003: 3.4p)
   •Recommended annual dividend of 2p per share (2003: 1.8p) a rise of 11 per
    cent

Athelney Chairman, Hugo Deschampsneufs said: 'The gross revenue fall actually
hides the true position, which is one of steady growth in dividends from the
vast majority of our investments. In 2003, a total of £34,756 was received by
way of special dividends, including £30,756 as part of the proceeds from the
acquisition of Amalgamated Metal Corporation.

'In 2004 the only such dividend was from Stanley Gibbons. Taking the one-off
factors into account, gross revenue moved ahead on a like for like basis, which
when allied to the rise in NAV adds up to what the Board considers to be a year
of solid achievement.

'The past two years have seen a substantial re-rating take place in small caps
which was both welcome and overdue. It is right, though, to be cautious about
2005, particularly bearing in mind that it is election year.

'We do not know whether the hawks or doves will win the debate on interest rates
and what effect this may have on the residential property market and on consumer
spending generally.

'What we do know is that a carefully managed portfolio of small caps has
performed well in terms of both capital growth and in providing a rising
dividend income over the past 10 years. Your Board looks forward to the next 10
years with considerable confidence'.

                                     -ends-
For further information:
Robin Boyle, Managing Director
Athelney Trust plc                                020 7222 8989
Paul Quade                                        020 7248 8010
CityRoad Communications                           07947 186694


                              CHAIRMAN'S STATEMENT


I have pleasure in enclosing the audited results for the twelve months to 31
December 2004. The key points are as follows:-

• Audited Net Asset Value ('NAV') is 134.9p per share (31 December 2003:
  110.9p), a rise of 21.6 per cent.
• Gross Revenue fell by 21.2 per cent to £79,822 (31 December 2003: £101,345).
• On a like-for-like basis revenue was actually up by 9.1 per cent and dividend
  income rose by 6.4 per cent.
• Revenue return per ordinary share was 2.4p, a decrease of 29.4 per cent
  ( 31 December 2003: 3.4p).
• Recommended dividend for the year of 2p per share (2003: 1.8p).


The Market
The year 2004, one of solid achievement for Athelney, was not at all
straightforward, despite the pleasing rise of 21.6% in the NAV to 134.9p per
share. For a start, the economic background was not particularly helpful: rising
interest rates both here and in America were an obvious sign that monetary
conditions remained on a tightening path.

Sterling continued to be strong against the Dollar but eased against the Euro -
such a mix was good at hiding inflation but bad for the UK balance of payments
position in relation to all those countries (starting with China) whose
currencies are pegged to the Dollar. Consumers continued to spend money like a
drunken sailor but that elusive combination - steady growth in both consumer and
business spending - was not achieved.

Rising interest rates eventually choked off the residential property market
although, with a huge aspirational demand for new properties, it would be in
nobody's interests to knock the housebuilders any further.

Oil prices averaged $41 per barrel and OPEC's official target of $25 - $30 per
barrel was quietly abandoned during the year. Gas prices, too, were very strong
and it is an unusual business indeed not to be adversely affected by these
increases, higher business rates and a tightening labour market.

Having said all that, small companies have now delivered a sustained spell of
outperformance: on 28 February 2003, the Athelney NAV was 79.4p per share, so
between that date and 31 December 2004, the Company has experienced a growth in
value of fully 69.9 per cent. Yes, there has been something of a rise in
corporate activity, but what has made a huge difference is that investors, both
individual and corporate (formerly victims of the increased volatility of blue
chips) now see the perceived risk of investing in small caps as being much
narrower.

Results
Gross revenue fell by 21.2 per cent to £79,822 in 2004. These figures actually
hide the true position, which is one of steady growth in dividends from the vast
majority of our investments. Additionally, in 2003, a total of £34,756 was
received by way of special dividends, including £30,756 as part of the proceeds
from the sale of Amalgamated Metal Corporation, whereas, in 2004, the only such
dividend was from Stanley Gibbons. Taking the one-off factors into account,
gross revenue moved ahead by a satisfactory 9.1 per cent which, when allied to
the 21.6 per cent rise in NAV, adds up to what the Board considers to be a year
of achievement.

The growth in dividend income is illustrated by the following table:-
                                                                        Number
                                                                        --------
Companies paying dividends                                                  75
                                                                            ----
Companies sold (therefore no true comparison)                               15
Companies purchased (therefore no true comparison)                          14
Increased total dividend in the calendar year                               41
Reduced total dividend in the calendar year                                  1
No change in dividend                                                        4


Portfolio Review
In what has been quite a busy year, the following were purchased for the first
time or were existing holdings which were increased in size: Ben Bailey, Brandon
Hire, CD Bramall, Charles Taylor Consultancy, Countryside Properties, Erinaceous
Group, European Motor Holdings, Havelock Europa, Lookers, PD Ports, Robotic
Technology Systems, SCS Upholstery, J Smart & Co., Albemarle & Bond Holdings,
Bristol & West Investments, Collier C.R.E., Gooch & Housego, UK Betting,
Ultimate Leisure and Vantis.

C D Bramall, Christie Group, Ifx Group, Reed Health Group, Robotic Technology
Systems, Sportech, Wintrust, Alliance Pharma, CA Coutts, Cobra
Bio-Manufacturing, Collins & Hayes, Ideal Shopping Direct, Oasis Healthcare, UK
Betting, Universe Group, Clyde Marine have all been sold. Several other shares
were top-sliced

Dividend
The Board is recommending an increased annual dividend of 2p per ordinary share
for the year ended 31 December 2004 (2003: 1.8p). This represents a doubling of
the 1p per ordinary share paid for the Company's first full year of 1995.

Update
The unaudited NAV at the 28 February 2005 was 142.1p per share, which means that
at the price of 105.5p on 28 February 2005 the shares stood at a discount of
25.8 per cent. Without doubt, an improvement from the position twelve months
ago, but the directors would like to see a further improvement in the market
rating of our shares.

Outlook
The past two years have seen a substantial re-rating take place in small caps
which was both welcome and long overdue. It is right, though, to be more
cautious about 2005 particularly bearing in mind that it is election year. We do
not know whether the hawks or doves will win the debate on interest rates and
what effect this may have on the residential property market and on consumer
spending generally. What we do know is that a carefully managed portfolio of
small caps has performed well in terms of both capital growth and providing a
rising dividend income over the past ten years. Your Board looks forward to the
next ten years with considerable confidence.



                              Hugo Deschampsneufs
                                    Chairman

                                  5 April 2005

                               ATHELNEY TRUST PLC

                           STATEMENT OF TOTAL RETURN
                      (incorporating the revenue account)

                      FOR THE YEAR ENDED 31 DECEMBER 2004

Audited Results to 31 December 2004 Audited Results to 31 December 2003

             Revenue     Capital        Total   Revenue     Capital        Total
                    £           £           £          £           £           £
Profits on
investments         -     535,518     535,518          -     584,517     584,517

Income         79,822           -      79,822    101,345           -     101,345

Investment
management
expenses       (6,810)    (19,789)    (26,599)   (11,576)    (11,576)    (23,152)

Other         (38,199)          -     (38,199)   (38,003)          -     (38,003)
expenses
             ________   _________   _________   ________   _________   _________

Return on
ordinary

activities
before
taxation       34,813     515,729     550,542     51,766     572,941     624,707

Taxation        8,005     (90,367)    (82,362)     8,855    (101,616)    (92,761)
             ________    ________   _________   ________    ________   _________
Return on
ordinary

activities
after          42,818     425,362     468,180     60,621     471,325     531,946
taxation

Dividend      (36,056)          -     (36,056)   (32,450)          -     (32,450)
             ________    ________   _________   ________    ________   _________
Transfer to
reserves        6,762     425,362     432,124     28,171     471,325     499,496
             ________    ________   _________   ________    ________   _________



Return per
ordinary

share             2.4p       23.6p       26.0p       3.4p       26.1p      29.5p

Dividend per
ordinary

share -
Final             2.0p                               1.8p
dividend



The revenue column of this statement is the profit and loss account for the
Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued during the above financial years.

There have been no recognised gains or losses, other than the results for the
financial years shown above.





                               ATHELNEY TRUST PLC

                                 BALANCE SHEET
                             AS AT 31 DECEMBER 2004


                                                           2004          2003
                                                      (audited)     (audited)
                                                              £             £
Fixed assets
Investments                                           2,555,581     2,048,785
                                                      _________     _________

Current assets

Debtors                                                 116,514        87,392
Cash at bank and in hand                                 61,311        74,593
                                                      _________     _________

                                                        177,825       161,985

Creditors: amounts falling due within one year          (57,673)      (47,461)
                                                      _________     _________

Net current assets                                      120,152       114,524
                                                      _________     _________
Total assets less current liabilities                 2,675,733     2,163,309

Provisions for liabilities and charges                 (244,100)     (163,800)
                                                      _________     _________
Net assets                                            2,431,633     1,999,509
                                                      _________     _________

Capital and reserves

Called up share capital                                 450,700       450,700
Share premium account                                   405,605       405,605
Other reserves - non distributable
Capital reserve - realised                              389,458       311,754
Capital reserve - unrealised                          1,129,445       781,787
Revenue reserve                                          56,425        49,663
                                                      _________     _________

Shareholders' funds - all equity                      2,431,633     1,999,509
                                                      _________     _________

Net Asset Value per share                                 134.9p        110.9p



                               ATHELNEY TRUST PLC

                              CASH FLOW STATEMENT
                      FOR THE YEAR ENDED 31 DECEMBER 2004

                                                   2004                   2003
                                              (audited)              (audited)
                                          £           £          £           £

Net cash inflow from operating

activities                                       19,170                 45,471

Servicing of finance

Dividends paid                      (32,450)               (30,648)
                                   ________               ________
Net cash (outflow) from
servicing

of finance                                      (32,450)               (30,648)

Taxation

Corporation tax paid                                  -                   (373)

Investing activities

Purchases of investments           ( 575,195)             ( 385,319)

Sales of investments                575,193                385,318
                                   ________               ________
Net cash (outflow) from

investing activities                               ( 2)                   ( 1)
                                               ________               ________

(Decrease) / increase in cash in                (13,282)                14,449
the year
                                               ________               ________


Notes:

1.       The figures included in the above statement are an abridged version of
Athelney's audited results for the year ended 31 December 2004 and do not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985, as amended. The figures for the year ended 31 December 2003 are
extracted from the statutory accounts filed with the Registrar of Companies and
which contained an unqualified audit report.

2.       The calculation for the return per ordinary share is based on the
return on ordinary activities after taxation shown below and on the average
weighted number of shares in issue during the period of 1,802,802 (2003:
1,802,802 ).

                                      2004                                2003
   Revenue         Capital           Total     Revenue     Capital       Total
         £               £               £           £           £           £
    42,818         425,362         468,180      60,621     471,325     531,946


3.       Dividend information:

Ex dividend date                                             13 April 2005
Dividend payable to shareholders registered on               15 April 2005
Dividend payable on                                          16 May 2005


4.       Copies of this announcement are available, free of charge, for a period
of one month from Athelney's Nominated Advisor:

Noble & Company Limited, 76 George Street, Edinburgh, EH2 3BU

Copies of the full financial statements will be posted to shareholders on 6
April 2005.


6 April 2005

END



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