Annual Report • Jul 19, 2023
Annual Report
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Ixbrl Context Definitions: (http://www.companieshouse.gov.uk/:02933559) CY_END At 2022-12-31 (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD Between 2022-01-01 and 2022-12-31 (http://www.companieshouse.gov.uk/:02933559) PY_END At 2021-12-31 (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD Between 2021-01-01 and 2021-12-31 (http://www.companieshouse.gov.uk/:02933559) PPY_END At 2020-12-31 (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_FINANCIAL Between 2022-01-01 and 2022-12-31 [K - Financial and insurance activities] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_PLC Between 2022-01-01 and 2022-12-31 [Public limited company, PLC] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_GBP Between 2022-01-01 and 2022-12-31 [Pound Sterling] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_AUDITED Between 2022-01-01 and 2022-12-31 [Audited] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_FULL Between 2022-01-01 and 2022-12-31 [Full accounts] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_FRS102 Between 2022-01-01 and 2022-12-31 [FRS 102] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_CHAIR Between 2022-01-01 and 2022-12-31 [ChairmanNon-executive officer] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_DR1 Between 2022-01-01 and 2022-12-31 [Director 1] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_DR2 Between 2022-01-01 and 2022-12-31 [Director 2Non-executive officer] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_REG_OFF Between 2022-01-01 and 2022-12-31 [Registered office] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_REGISTAR Between 2022-01-01 and 2022-12-31 [Registrar information] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_EW Between 2022-01-01 and 2022-12-31 [England and Wales] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_CONTINUING Between 2022-01-01 and 2022-12-31 [Continuing operations] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_CONTINUING Between 2021-01-01 and 2021-12-31 [Continuing operations] (http://www.companieshouse.gov.uk/:02933559) CY_END_SHARE_CAPITAL At 2022-12-31 [Share capital] (http://www.companieshouse.gov.uk/:02933559) CY_END_SHARE_PREMIUM At 2022-12-31 [Share premium] (http://www.companieshouse.gov.uk/:02933559) CY_END_RETAINED_EARNING At 2022-12-31 [Retained earnings (Accumulated losses)] (http://www.companieshouse.gov.uk/:02933559) CY_END_CAPITAL_RESERVE At 2022-12-31 [Capital reserve] (http://www.companieshouse.gov.uk/:02933559) CY_END_CAPITAL_RESERVE_UNREALISED At 2022-12-31 [Other miscellaneous reserve] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_CS1 Between 2022-01-01 and 2022-12-31 [Company secretary 1] (http://www.companieshouse.gov.uk/:02933559) PY_END_CAPITAL_RESERVE_UNREALISED At 2021-12-31 [Other miscellaneous reserve] (http://www.companieshouse.gov.uk/:02933559) PY_END_SHARE_CAPITAL At 2021-12-31 [Share capital] (http://www.companieshouse.gov.uk/:02933559) PY_END_SHARE_PREMIUM At 2021-12-31 [Share premium] (http://www.companieshouse.gov.uk/:02933559) PY_END_RETAINED_EARNING At 2021-12-31 [Retained earnings (Accumulated losses)] (http://www.companieshouse.gov.uk/:02933559) PY_END_CAPITAL_RESERVE At 2021-12-31 [Capital reserve] (http://www.companieshouse.gov.uk/:02933559) PPY_END_SHARE_CAPITAL At 2020-12-31 [Share capital] (http://www.companieshouse.gov.uk/:02933559) PPY_END_RETAINED_EARNING At 2020-12-31 [Retained earnings (Accumulated losses)] (http://www.companieshouse.gov.uk/:02933559) PPY_END_SHARE_PREMIUM At 2020-12-31 [Share premium] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_SHARE_CAPITAL Between 2022-01-01 and 2022-12-31 [Share capital] (http://www.companieshouse.gov.uk/:02933559) PPY_END_CAPITAL_RESERVE At 2020-12-31 [Capital reserve] (http://www.companieshouse.gov.uk/:02933559) PPY_END_CAPITAL_RESERVE_UNREALISED At 2020-12-31 [Other miscellaneous reserve] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_SHARE_PREMIUM Between 2022-01-01 and 2022-12-31 [Share premium] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_CAPITAL_RESERVE Between 2022-01-01 and 2022-12-31 [Capital reserve] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_CAPITAL_RESERVE Between 2021-01-01 and 2021-12-31 [Capital reserve] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_CAPITAL_RESERVE_UNREALISED Between 2022-01-01 and 2022-12-31 [Other miscellaneous reserve] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_CAPITAL_RESERVE_UNREALISED Between 2021-01-01 and 2021-12-31 [Other miscellaneous reserve] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_RETAINED_EARNING Between 2022-01-01 and 2022-12-31 [Retained earnings (Accumulated losses)] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_SHARE_CAPITAL Between 2021-01-01 and 2021-12-31 [Share capital] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_RETAINED_EARNING Between 2021-01-01 and 2021-12-31 [Retained earnings (Accumulated losses)] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_SHARE_PREMIUM Between 2021-01-01 and 2021-12-31 [Share premium] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_FURTHER1 Between 2022-01-01 and 2022-12-31 (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_SHARE_CAPITAL_FURTHER1 Between 2022-01-01 and 2022-12-31 [Share capital] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_FURTHER2 Between 2022-01-01 and 2022-12-31 (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_SHARE_PREMIUM_FURTHER1 Between 2022-01-01 and 2022-12-31 [Share premium] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_CAPITAL_RESERVE_FURTHER1 Between 2022-01-01 and 2022-12-31 [Capital reserve] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_FURTHER1 Between 2021-01-01 and 2021-12-31 (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_CAPITAL_RESERVE_UNREALISED_FURTHER1 Between 2022-01-01 and 2022-12-31 [Other miscellaneous reserve] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_FURTHER2 Between 2021-01-01 and 2021-12-31 (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_SHARE_CAPITAL_FURTHER2 Between 2022-01-01 and 2022-12-31 [Share capital] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_RETAINED_EARNING_FURTHER1 Between 2022-01-01 and 2022-12-31 [Retained earnings (Accumulated losses)] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_SHARE_PREMIUM_FURTHER2 Between 2022-01-01 and 2022-12-31 [Share premium] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_CAPITAL_RESERVE_UNREALISED_FURTHER2 Between 2022-01-01 and 2022-12-31 [Other miscellaneous reserve] (http://www.companieshouse.gov.uk/:02933559) PY_END_WITHIN_1YEAR At 2021-12-31 [Within one year] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_RETAINED_EARNING_FURTHER2 Between 2022-01-01 and 2022-12-31 [Retained earnings (Accumulated losses)] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_MGMT Between 2022-01-01 and 2022-12-31 (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_EXPENSES Between 2022-01-01 and 2022-12-31 (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_INVEST Between 2022-01-01 and 2022-12-31 (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_SHARE_CAPITAL_FURTHER1 Between 2021-01-01 and 2021-12-31 [Share capital] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_UK Between 2022-01-01 and 2022-12-31 [United Kingdom] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_SHARE_CAPITAL_FURTHER2 Between 2021-01-01 and 2021-12-31 [Share capital] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_FI Between 2022-01-01 and 2022-12-31 [Rest of world, outside UK] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_SHARE_PREMIUM_FURTHER1 Between 2021-01-01 and 2021-12-31 [Share premium] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_UK Between 2021-01-01 and 2021-12-31 [United Kingdom] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_SHARE_PREMIUM_FURTHER2 Between 2021-01-01 and 2021-12-31 [Share premium] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_FI Between 2021-01-01 and 2021-12-31 [Rest of world, outside UK] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_CAPITAL_RESERVE_FURTHER1 Between 2021-01-01 and 2021-12-31 [Capital reserve] (http://www.companieshouse.gov.uk/:02933559) CY_END_APPRECIATION At 2022-12-31 [Further specific increase (decrease) in investments 1 [component of total change in investments]] (http://www.companieshouse.gov.uk/:02933559) PY_END_PURCHASE At 2021-12-31 [Additions to investments] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_CAPITAL_RESERVE_UNREALISED_FURTHER2 Between 2021-01-01 and 2021-12-31 [Other miscellaneous reserve] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_FURTHER3 Between 2022-01-01 and 2022-12-31 (http://www.companieshouse.gov.uk/:02933559) PY_END_SALE At 2021-12-31 [Disposals / repayments of investments] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_CAPITAL_RESERVE_UNREALISED_FURTHER1 Between 2021-01-01 and 2021-12-31 [Other miscellaneous reserve] (http://www.companieshouse.gov.uk/:02933559) PY_END_GAIN At 2021-12-31 [Other increase (decrease) in investments] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_FURTHER3 Between 2021-01-01 and 2021-12-31 (http://www.companieshouse.gov.uk/:02933559) PY_END_APPRECIATION At 2021-12-31 [Further specific increase (decrease) in investments 1 [component of total change in investments]] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_CAPITAL_RESERVE_FURTHER2 Between 2022-01-01 and 2022-12-31 [Capital reserve] (http://www.companieshouse.gov.uk/:02933559) CY_END_COST At 2022-12-31 [At cost / valuation] (http://www.companieshouse.gov.uk/:02933559) PY_END_COST At 2021-12-31 [At cost / valuation] (http://www.companieshouse.gov.uk/:02933559) CY_END_PURCHASE At 2022-12-31 [Additions to investments] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_CAPITAL_RESERVE_FURTHER2 Between 2021-01-01 and 2021-12-31 [Capital reserve] (http://www.companieshouse.gov.uk/:02933559) CY_END_SHARE_CAPITAL_ORDINARY At 2022-12-31 [Share capital, ordinary shares] (http://www.companieshouse.gov.uk/:02933559) CY_END_SALE At 2022-12-31 [Disposals / repayments of investments] (http://www.companieshouse.gov.uk/:02933559) CY_END_GAIN At 2022-12-31 [Other increase (decrease) in investments] (http://www.companieshouse.gov.uk/:02933559) PY_END_SHARE_CAPITAL_ORDINARY At 2021-12-31 [Share capital, ordinary shares] (http://www.companieshouse.gov.uk/:02933559) CY_END_ALL_ORDINARY At 2022-12-31 [All ordinary shares] (http://www.companieshouse.gov.uk/:02933559) CY_END_DR_AMOR At 2022-12-31 [Financial instruments at amortised cost] (http://www.companieshouse.gov.uk/:02933559) CY_END_FV At 2022-12-31 [Fair valueFinancial assets at fair value through profit or loss] (http://www.companieshouse.gov.uk/:02933559) CY_END_DR_FVTPL At 2022-12-31 [Financial instruments at fair value through profit or loss] (http://www.companieshouse.gov.uk/:02933559) PY_END_FV At 2021-12-31 [Fair valueFinancial assets at fair value through profit or loss] (http://www.companieshouse.gov.uk/:02933559) CY_END_FL_AMOR At 2022-12-31 [Financial liabilities at amortised cost] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_RETAINED_EARNING_FURTHER1 Between 2021-01-01 and 2021-12-31 [Retained earnings (Accumulated losses)] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_ALL_ORDINARY Between 2022-01-01 and 2022-12-31 [All ordinary shares] (http://www.companieshouse.gov.uk/:02933559) CY_END_FVTPL At 2022-12-31 [Financial assets at fair value through profit or loss] (http://www.companieshouse.gov.uk/:02933559) CY_END_FL_FVTPL At 2022-12-31 [Financial liabilities at fair value through profit or loss] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_ALL_ORDINARY Between 2021-01-01 and 2021-12-31 [All ordinary shares] (http://www.companieshouse.gov.uk/:02933559) CY_END_CR_AMOR At 2022-12-31 [Financial liabilities at amortised cost] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_NON_EXECUTIVE Between 2022-01-01 and 2022-12-31 [Non-executive officer] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_RETAINED_EARNING_FURTHER2 Between 2021-01-01 and 2021-12-31 [Retained earnings (Accumulated losses)] (http://www.companieshouse.gov.uk/:02933559) PY_PERIOD_NON_EXECUTIVE Between 2021-01-01 and 2021-12-31 [Non-executive officer] (http://www.companieshouse.gov.uk/:02933559) CY_END_WITHIN_1YEAR At 2022-12-31 [Within one year] (http://www.companieshouse.gov.uk/:02933559) CY_PERIOD_SHARE_ISSUE Between 2022-01-01 and 2022-12-31 (http://www.companieshouse.gov.uk/:02933559) PY_END_ALL_ORDINARY At 2021-12-31 [All ordinary shares] (http://www.companieshouse.gov.uk/:02933559) CY_END_CR_FVTPL At 2022-12-31 [Financial instruments at fair value through profit or loss] (http://www.companieshouse.gov.uk/:02933559) CY_END_AMOR At 2022-12-31 [Financial assets at amortised cost] (http://www.companieshouse.gov.uk/:02933559) PY_END_AMOR At 2021-12-31 [Financial assets at amortised cost] (http://www.companieshouse.gov.uk/:02933559) PY_END_FVTPL At 2021-12-31 [Financial assets at fair value through profit or loss] (http://www.companieshouse.gov.uk/:02933559) PY_END_DR_AMOR At 2021-12-31 [Financial instruments at amortised cost] (http://www.companieshouse.gov.uk/:02933559) PY_END_DR_FVTPL At 2021-12-31 [Financial instruments at fair value through profit or loss] (http://www.companieshouse.gov.uk/:02933559) PY_END_FL_AMOR At 2021-12-31 [Financial liabilities at amortised cost] (http://www.companieshouse.gov.uk/:02933559) PY_END_FL_FVTPL At 2021-12-31 [Financial liabilities at fair value through profit or loss] (http://www.companieshouse.gov.uk/:02933559) PY_END_CR_AMOR At 2021-12-31 [Financial liabilities at amortised cost] (http://www.companieshouse.gov.uk/:02933559) PY_END_CR_FVTPL At 2021-12-31 [Financial instruments at fair value through profit or loss] Main industry sector CY_PERIOD_FINANCIAL K - Financial and insurance activities Entity trading status CY_PERIOD 0 Entity is dormant [true/false] CY_PERIOD 0 Legal form of entity CY_PERIOD_PLC Public limited company, PLC Scope of accounts CY_PERIOD Report period CY_PERIOD Principal currency used in business report CY_PERIOD_GBP Pound Sterling Report principal language CY_PERIOD Accounts status, audited or unaudited CY_PERIOD_AUDITED Audited Accounts type, full or abbreviated CY_PERIOD_FULL Full accounts Accounting standards applied CY_PERIOD_FRS102 FRS 102 1 Financial statements are prepared on going-concern basis [true/false] CY_PERIOD 1 1 Directors' report is consistent with the accounts [true/false] CY_PERIOD 1 1 Report includes a Strategic Report [true/false] CY_PERIOD 1 The Directors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. In this context, we also have nothing to report in regard to our responsibility to specifically address the following items in the other information and to report as uncorrected material misstatements of the other information where we conclude that those items meet the following conditions: • Fair, balanced and understandable, set out on page 15 - the statement given by the Directors that they consider the annual report and financial statements taken as a whole is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy, is materially inconsistent with our knowledge obtained in the audit; or • Audit committee reporting, set out on pages 17 to 18 - the section describing the work of the audit committee does not appropriately address matters communicated by us to the audit committee; or • Directors' statement of compliance with the UK Corporate Governance Code, set out on page 16 - the parts of the Directors' statement required under the Listing Rules relating to the Company's compliance with the UK Corporate Governance Code containing provisions specified for review by the auditors in accordance with Listing Rule 9.8.10R (2) do not properly disclose a departure from a relevant provision of the UK Corporate Governance Code. Statement of auditors responsibilities relating to other information CY_PERIOD The Directors are ...e Governance Code. Responsibilities of Directors As explained more fully in the Statement of Directors' responsibilities (set out on pages 22), the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The audit evidence available in relation to the investment portfolio and associated returns are publicly available and considered to be strong sources of audit evidence. Ownership of investments has been verified by reference to this information. The nature of the Company's activities means that overheads are generally consistent and predictable and where unexpected variances occur, adequate evidence is available. Our audit work, which utilises the above audit evidence along with the audit procedures outlined in our description of our approach to the audit above, provides us with a reasonable assurance that our audit procedures will detect irregularities, including fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Statement on respective responsibilities of directors and auditors CY_PERIOD Responsibilities o...tor's report. Market price risk arises mainly from uncertainty about future prices of financial investments used in the Company's business. It represents the potential loss the Company might suffer through holding market positions by way of price movements other than movements in exchange rates and interest rates. The Company's investment portfolio is exposed to market price fluctuations which are monitored by the Fund Manager who gives timely reports of relevant information to the Directors. Adherence to the investment objectives and the internal controls on investments set by the Company mitigates the risk of excessive exposure to any one particular type of security or issuer. The Company's exposure to other changes in market prices at 31 December on its investments is as follows: A 20% decrease in the market value of investments at 31 December 2022 would have decreased net assets attributable shareholders by 39 pence per share (2021: 60 pence per share). An increase of the same percentage would have an equal but opposite effect on net assets attributable to shareholders. Market risk also arises from changes in interest rates and exchange risk. All of the Company's assets are in sterling and accordingly the Company has limited currency exposure. The majority of the Company's financial assets are non-interest bearing, as a result, the Company's financial assets are not subject to significant risk due to fluctuations in the prevailing levels of market interest rates. The carrying amounts of financial assets best represent the maximum credit risk exposure at the balance sheet date. Bankruptcy or insolvency of the custodian may cause the Company's rights with respect to securities held with the custodian to be delayed. General description of market risk exposure and management, including any concentrations of risk CY_PERIOD Market price risk ...ian to be delayed. The Company's capital management objectives are: • to ensure the Company's ability to continue as a going concern; • to provide an adequate return to shareholders; • to support the Company's stability and growth; • to provide capital for the purpose of further investments. The Company actively and regularly reviews and manages its capital structure to ensure an optimal capital structure, taking into consideration the future capital requirements of the Company and capital efficiency, projected operating cash flows and projected strategic investment opportunities. The management regards capital as total equity and reserves, for capital management purposes. General description of capital requirements, including external imposition, management, changes and consequences of non-compliance CY_PERIOD The Company's...nagement purposes. 02933559 2022-12-31 02933559 2022-01-01 2022-12-31 02933559 2021-12-31 02933559 2021-01-01 2021-12-31 02933559 2020-12-31 02933559 ns1:K-FinancialInsuranceActivities 2022-01-01 2022-12-31 02933559 ns1:PublicLimitedCompanyPLC 2022-01-01 2022-12-31 02933559 ns6:PoundSterling 2022-01-01 2022-12-31 02933559 ns1:Audited 2022-01-01 2022-12-31 02933559 ns1:FullAccounts 2022-01-01 2022-12-31 02933559 ns1:FRS102 2022-01-01 2022-12-31 02933559 ns1:Chairman ns1:Non-executiveOfficer 2022-01-01 2022-12-31 02933559 ns1:Director1 2022-01-01 2022-12-31 02933559 ns1:Director2 ns1:Non-executiveOfficer 2022-01-01 2022-12-31 02933559 ns1:RegisteredOffice 2022-01-01 2022-12-31 02933559 ns1:RegistrarInformation 2022-01-01 2022-12-31 02933559 ns5:EnglandWales 2022-01-01 2022-12-31 02933559 ns2:ContinuingOperations 2022-01-01 2022-12-31 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ns2:FinancialInstrumentsAmortisedCost 2021-12-31 02933559 ns2:FinancialInstrumentsFairValueThroughProfitOrLoss 2021-12-31 02933559 ns2:FinancialLiabilitiesAmortisedCost 2021-12-31 02933559 ns2:FinancialLiabilitiesFairValueThroughProfitOrLoss 2021-12-31 02933559 ns2:FinancialLiabilitiesAmortisedCost 2021-12-31 02933559 ns2:FinancialInstrumentsFairValueThroughProfitOrLoss 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares CY START 01 January 2022 CY END 31 December 2022 PY START 01 January 2021 PY END 31 December 2021 PPY END 31 December 2020 REGISTRATION NUMBER 02933559 SIC DORMANT PRINCIPAL CURRENCY GOING CONCERN DIRECTOR CONSISTENT STRATEGIC REPORT FURTHER 1 2 3 ACC POLICY 1 2 3 4 Athelney T R U S T P L C Annual Report 2022 DISCOVERING POTENTIAL Contents Annual Report Report title CY_PERIOD Annual Report for the year ended 31 December 2022 End date for period covered by report CY_END 31/12/2022 Company number 02933559 UK Companies House registered number CY_PERIOD 02933559 Athelney Trust Waterside Court, Falmouth Road Penryn, Cornwall TR10 8AW Investment Objective and Policy 1 Directors of the Company 2 Strategic Report including: Chairman's Statement and Business Review 4 Fund Manager's Review 7 Investment and Portfolio Analysis 11 Portfolio Breakdown by Sector and by Index 12 Section 172(1) Statement 13 Other Statutory Information 14 Corporate Governance Statement 16 Report of the Directors 20 Statement of Directors' Responsibilities 22 Directors' Remuneration Report 23 Independent Auditor's Report 26 Income Statement 30 Statement of Changes in Equity 31 Statement of Financial Position 32 Statement of Cash Flows 33 Notes to the Financial Statements 34 Officers and Financial Advisers 39 Investment Objective The investment objective of the Trust is to provide long-term growth in dividends and capital, with the risks inherent in small cap investment minimised through a spread of holdings in quality small cap companies that operate in various industries and sectors. The Fund Manager also considers that it is important to maintain a progressive dividend record. Investment Policy The assets of the Trust are allocated predominantly to companies with either a full listing on the London Stock Exchange or a trading facility on AIM or AQSE. The assets of the Trust have been allocated in two main ways: first, to the shares of those companies which have grown steadily over the years in terms of profits and dividends but, despite this progress are undervalued by the market when compared to future earnings and dividends; second, those companies whose shares are undervalued by the market when compared with the value of land, buildings, other assets or cash on their balance sheet. 1 | Athelney Trust plc Entity current legal or registered name CY_PERIOD Athelney Trust plc | Annual Report 2022 Directors of the Company Frank Ashton Non-Executive Chairman Frank Ashton, aged 61, is a highly experienced senior manager and independent management consultant. After leaving Cambridge University with a Natural Sciences degree (Metallurgy & Materials Science), he spent much of his career providing independent management advice to companies in a wide variety of sectors. With 15 years spent at PricewaterhouseCoopers and KPMG (Operational Due Diligence) and 5 years working in Strategy and M&A for Cummins Inc, he has a proven track record in shareholder value creation and governance, in providing strategic and operational advice to both public and private companies in Europe and USA, as well as working at a policy level for Government entities. Dr Emmanuel Clive Pohl AM Managing Director Manny Pohl, aged 69, is the Chairman and CIO of investment house EC Pohl & Co which he founded in June 2012 and has led through its evolution into today's independent, highly acclaimed Australian fund manager. Manny holds engineering and MBA degrees from the University of Witwatersand and a doctorate in Business Administration (Economics) from Potchefstroom University. Manny has over 30 years of investment experience, initially as head of research for leading South African broking firm, Davis Borkum Hare, followed by Westpac Investment Management in Australia after he emigrated to Australia in 1994. Manny founded Hyperion Asset Management in 1996 and left in 2012. He has served on the Boards of several major corporations in his native South Africa, the UK and his adopted home Australia. In 2019 Manny was recognised in the Queen's Birthday honours list for significant service to the finance sector, and to the community. 2 | Athelney Trust plc | Annual Report 2022 Directors of the Company Continued Simon Moore Non-executive Director Simon Moore, aged 62, is a consultant Senior Investment Analyst. He has been an investment trust analyst since 1994 and has worked with several stockbrokers in the City of London including Williams de Broe, Teather & Greenwood and Collins Stewart. He was also Senior Investment Manager at Seven Investment Management and Head of Research at Tilney Bestinvest and Senior Investment Analyst at EQ Investors. Simon has been a long-standing member of two important committees at the Association of Investment Companies: the Statistics committee and the Property and Infrastructure Forum. In 2013 and 2014 Simon was chosen as one of the Citywire Wealth Manager Top 100 most influential people in UK private client fund selection. Simon is a scientist by training and has worked at two start up UK biotechnology companies, before passing on his knowledge and passion as a science tutor for the Open University. He has a Biochemistry BSc from Imperial College, and an MSc in Computer Modelling of molecules from Birkbeck College. He is a member of the UK Society of Investment Professionals and the CFA institute. During 2020 he was appointed as a Non-Executive Director of Home REIT Plc. 3 | Athelney Trust plc | Annual Report 2022 Strategic Report Chairman's Statement and Business Review Dear Shareholder I am pleased to present the Annual Financial Report for the year to 31 December 2022. The Strategic Report section of this Annual Report has been prepared to help all Shareholders understand the drivers of performance in the past year, how the Company operates and to assess its performance. Overview The key performance points are as follows: • At 31 December 2022, audited Net Asset Value (NAV) was 219.4 p per share (2021: 310.3p), a decrease of 29.3% over the year as compared to a 19.7% decrease in the FTSE 250 and a 1% increase in the FTSE 100. • The share price fell to 210.0p from 225.0p at 31 December 2021 a negative return of 6.7%. • The discount to NAV at the end of year had reduced to 4.3% compared to 27.4% at 31 December 2021. • The Trust's investment performance over 12 months as measured by NAV total return, which is the change in NAV plus the dividend paid, was minus 26.2% (2021:25.2%). • The Trust's performance over 12 months as measured by share price total return, which is the change in share price plus the dividend paid, was minus 3.3% (2021:8.2%) • The 12-month revenue return per ordinary share was 6.9p (2021:7.0p), a decrease of 1%. • The interim dividend of 2.1p per share was paid on 23 September 2022. • Your Board recommends a final dividend of 7.5p per share increasing a total dividend payable for the year to 9.6p (2021: 9.5p) an increase of 1%. UK inflation for the 12 months to December 2022 slowed for the second month in a row to 10.5% • This is the 20th successive year of progressive dividend and importantly returns the Trust to a high position in the dividend yield league table for Investment Companies. It also promotes us to the "Dividend Heroes" list maintained by the AIC, a list of investment companies that have consistently increased their dividends for 20 or more years in a row. Board and Governance The Board places significant importance on corporate governance and compliance with the AIC and UK Corporate Governance Codes. Full details are set out in the Corporate Governance section on pages 15 to 18. We note the Financial Conduct Authority's Policy Statement PS22/3 of April 2022 to comply or explain in relation to board diversity and inclusion, with changes to the Listing Rules commencing in 2023 for the Trust. As a small, low-cost fund, your board continues to assess how best to structure and plan for a board that meets shareholder and regulatory needs, has continuity, stability and reflects prudent management of costs. An Independent Board The Directors in place at the time of signing these accounts are: • Myself, Frank Ashton - Non-Executive Chairman • Simon Moore - Non-Executive Director, Chair of Audit Committee, Chair of Remuneration Committee • Dr Manny Pohl - Managing Director, Fund Manager We currently have three directors who together make up an independent Board under the AIC Code of Governance 2021. Capital Gains During the year the Company realised capital profits before expenses arising on the sale of investments in the sum of £382,704 (2021: £354,843). Portfolio Review Additional Holdings Purchased Additional holdings of AEW UK, Cerillion. Close Brothers, Fevertree, Gamma, Impax Asset Management, Paypoint, Target Healthcare, Treatt and Tritax Bigbox were acquired. Holdings Sold or Trimmed Abcam, Clinigen, Forterra, Homeserve, Jarvis Securities, JD Sports, Lok'n Store and LXI Reit. Dividend During the year the Company paid an interim dividend of 2.1p on 23 September 2022. The Board recommends a final dividend of 7.5p per ordinary share making an increased dividend this year of 9.6p (2021: 9.5p). Subject to shareholder approval at the Annual General Meeting on 16 March 2023, the dividend will be paid on 6 April 2023 to shareholders on the register on 10 March 2023. Period Review The year of 2022 was, for many, including the investment community, one to forget. Shocks and surprises marked the year, which ended very poorly with market uncertainty and loss of confidence created by the short-lived Liz Truss premiership, made worse by the impact of double-digit UK inflation. In an interview with the BBC in 2014, Charlie Munger, renowned partner in Berkshire Hathaway said: "Without a system of wise restraints, gross immorality and extreme craziness will happen in markets. They need to be dampened." 4 | Athelney Trust plc | Annual Report 2022 Strategic Report Chairman's Statement and Business Review Continued He was talking about some of the causes of the Crash and Global Financial Crisis in 2007-08, but this is also true elsewhere. For example, a leader operating in a powerful political and governmental system with few restraints represents a risk: Ukraine's citizens, and to a lesser extent a large proportion of Europe's population are paying the price for Putin's 'grossly immoral' and unfettered ambition to control that country. A new prime minister, seemingly believing the only opinions on the September mini-budget that mattered were her own and her Chancellor's, was swiftly brought low; however the damage had been done. The mini-budget resulted in 'craziness' for a few weeks with a dramatic loss of financial market confidence in the UK resulting in the Bank of England being forced to stabilise the bond market by temporarily buying long-dated UK gilts. Enter Hunt and Sunak as new Chancellor and PM to try to return the narrative to calmer and more acceptable content and tones. Now homeowners who have to start a new mortgage term face a dramatic rise in cost and many wish Truss and Kwarteng had used any 'system of wise restraints' before launching that particular mini-budget against the backdrop of a rising cost of living crisis. All these events had a heavy impact on the UK Smaller Companies segment, the focus of this fund; smaller companies can be perceived to be a riskier investment because they tend to be less liquid and less resilient stocks in a challenging environment, compared even to FTSE-250 companies. Market sentiment has recently been strongly negative to this segment. By comparison the blue-chip FTSE-100 fared better than most markets because these large 'old-fashioned', liquid, oil/gas- and commodity-based stocks were buoyed by the run from UK bonds, representing a safer haven than, for example the NASDAQ where Big Tech companies had a torrid 2022. I am disappointed to report the poor absolute performance of the Company in the past 12 months and comparatively against FTSE- 250 and especially FTSE-100 indices. We are very aware of the trust placed in us by investors in the company and take our responsibilities very seriously. However a better comparison is against UK Smaller Company investment fund peers, and our Share Price Total Return at minus 2.57% has performed much better over the past 12 months in comparative terms than the segment weighted average of minus 23.52%. Our NAV one year Total Return at minus 23.64% confirms we performed similarly to investment funds in the same sector, whose weighted average return was minus 22.32%. Further information on portfolio activity and the drivers behind the performance is contained in the Managing Director, Dr Manny Pohl's Report below. Manny is highly experienced at managing funds in challenging market environments, and your board is very pleased with the comparative outcome for the year, given the conditions faced. Our invested companies perhaps have a vote of confidence taken as a portfolio, given that the share price was trading at year end at a slightly lower discount of 7.85% (2021: 29.45%) compared to the AIC UK Smaller Companies weighted average of 9.88%. This time last year I commented on Apple being the first stock to reach $1 trillion market cap on 4 January 2022, after tripling the share price over the prior two years. Well, in 2022 Apple lost a third of that value, beset with problems on iPhone 14 shipments due to COVID restrictions at its main Chinese factory, resulting in declining earnings and disappointing fourth quarter guidance. I mention such a large US stock in a UK small company fund report because this poor year, especially for Apple shareholders is a timely reminder; we should be investing in good stocks and management teams for the long term and resist perhaps emotionally driven reactions to news or poor performance over a relatively short period of time. Wars, times of political incompetence, market corrections and yes, apparent evidence of fraud at 'star companies' (such as Sam Bankman-Fried's crypto empire FTX) should really not surprise us much. Human nature and systemic failings are hardly news. Temperament is much more important than intelligence for investors (as Messrs Buffett and Munger have told us for a long time). While others run for safety, cool-headed investors look widely and carefully, to find good companies with shares at low price-book ratios to invest in. In his report below, Manny explains the care he takes to deliver income for investors, as well as investing for growth (which may take a little longer to realise at the moment, but it will come). The coming year will be a time for patience and resisting temptation to run with the herd. At the start of the year we had hoped dividend income would return to pre-pandemic levels, but that evaporated in the second half as inflation and interest rates rocketed, reducing many UK companies' margins and cash generated. In the end net income was very similar to last year at £148,531 (2021: £151,260). I remind you that as a closed-ended fund we can save up to 15% of our portfolio income each year, which, unlike open-ended funds, provides a reserve to use in those leaner income years. I am very pleased to tell you that the Board recommends a final dividend payment of 7.5p (total 9.6p) an increase of 0.01p (2021:9.5p). Subject to shareholder approval at the AGM and based on our share price at 31 December 2022 of 210p this represents a dividend yield of 4.6% (2021: 3.1%) and is better than the AIC UK Smaller Companies' weighted average yield of 2.80%. With this further year of progressive dividend payment (if approved at the AGM), I am delighted to say your company is promoted to the full list of AIC Dividend Heroes, as this would represent the 20th consecutive year of dividend growth. In 2022 this list comprised just seventeen investment companies (out of 324 AIC members), and therefore would be a marvellous company milestone since its inception as a founder member of AIM in 1995, especially because this has been delivered from the UK Smaller Companies segment only. 5 | Athelney Trust plc | Annual Report 2022 Strategic Report Chairman's Statement and Business Review Continued This is testament and credit to the current MD, Fund Manager and long-standing major shareholder and board member, Manny Pohl, and his predecessor, Robin Boyle who managed the fund over many years, and also to other board members of Athelney Trust, including Simon Moore, well-known in the industry, supported by John Girdlestone, the immediate past CoSec, and ably succeeded by Debbie Warburton. Thank you all. In terms of controllable costs, I confirm the board has approved a continued freeze on the non-executive director's fee (£10,500) with no premium for Chair positions, which is comparable to NED fees of other, similarly-sized funds. Our Ongoing Charges Figure (OCF, calculated using the AIC recommended Ongoing Charges methodology, April 2022, taking annualised costs that would reasonably be incurred if there was no trading of the investee shares, divided by the average of published monthly NAV) is 2.89% (2021: 2.38%). The increase is due to the decrease in NAV through 2022, and also £1,000 net increase in Ongoing Charges in 2022 compared to 2021. While we remain a small fund, reducing the OCF will continue to be a challenge, however every effort is made to do this, while applying appropriate time and resource to growth and good governance. Outlook Perhaps the main questions that will affect our performance for 2023 include: • How long will UK inflation remain above that of other countries in Europe, and what interest rate medicine will be needed to bring it back in line (after reaching a peak of 11.7% in October, are we over the worst). This will affect our income • What costs, including those to settle public sector pay negotiations, will be incurred by the government, over what period of time, and is a Labour government now inevitable in 2025; this affects general sentiment on the economy, tax burden and confidence for investors, including inward investors • What global assistance or headwind for UK economic recovery might be expected? Potential global recession, no sight of an end to war in Ukraine, the rate and strength of recovery for China's economy, and the apparent weakening of America's economy, all play into the geo-political environment. We cannot know the answers to these questions; however, I do know that Manny Pohl's meticulous and repeatable investment and divestment approach, explained in his report, will on average, find and capture value and that being invested for the long term, in those shares, is right also. I would encourage you to actively take interest in your company; perhaps come to meet the board at the AGM in central London on Thursday 16 March 2023 at 12 noon. Frank Ashton Non-Executive Chairman 13 February 2023 6 | Athelney Trust plc | Annual Report 2022 Strategic Report Fund Manager's Review Reflecting on 2022 By any measure, the past twelve months have delivered a very poor result, especially when compared to the remarkable return achieved in 2021 when the FTSE 100 was up by 14.6% and our portfolio up by 29.1%. Over the past twelve months we have under-performed the various benchmarks as shown in Table 1 and as one would expect, while our long-term results are still in line with the FTSE 250, this recent underperformance has prompted us to consider if we missed anything in our deliberations or if there was anything we should have done differently in our analysis? Table 1: Performance Metrics Compound Growth Rate 1 Year 2 Years 3 Years 5 Years 10 Years ATY PORTFOLIO -24.7% -1.5% 0.3% n.a. n.a. ATY NAV -29.3% -7.3% -6.3% -5.1% 4.3% FTSE 250 -19.7% -4.1% -4.8% -1.9% 4.3% FTSE 100 0.9% 7.4% -0.4% -0.6% 2.4% FTSE Small Cap -16.3% 0.2% 1.6% 1.1% 6.2% Our Investment Philosophy is based on the belief the economics of a business drives long-term investment returns and evidenced through our investment process which delivers a portfolio of high-quality businesses in the growth stage of their life cycle. However, investment returns over any period comprise two components, namely the dividends received and the movement in the value of the investment portfolio. While the dividends we are likely to receive from the companies in our portfolio are fairly easy to predict and, for the most part increase over time, the same cannot be said for the market price for the shares. These are affected by investors responding to daily news feeds and commentary on local and global economic data as well as macro events. Chart 1, showing the FTSE 250 Index in 2022 provides some idea of events that have impacted the market over the past twelve months. Chart 1: FTSE 250 Index 7 | Athelney Trust plc | Annual Report 2022 Strategic Report Fund Manager's Review Continued In the first quarter of the financial year, Russia invaded the Ukraine. The West was quick to issue sanctions and multinationals started closing down any operations linked to Russia. However, the war amplified energy and food price issues straining an already COVID constrained supply-side environment and pushing inflation higher. Central banks began raising rates and forecasting future increases which drove down equity-based valuations across the board. By the second quarter the high inflation readings were a major detractor for all sectors of the financial markets other than mining and energy stocks. The fiscal stimulus plan and series of tax cuts and regulatory reforms announced in the mini-budget in September sent financial markets into a tailspin with the pound reaching a record low and short-term interest rates and bond yields moving sharply up. The yields on five-year government bonds reached levels similar to those of more heavily-indebted European economies such as Italy and Greece. Commensurate with this rise in short and medium-term interest rates, the quoted prices for income generating assets and REITs in particular, declined materially. The net effect of this and the tightening in monetary policy has been to put pressure on the high PE valuations of the market and growth stocks in particular, as future earnings are discounted at a higher rate. Chart 2: Contributions to NAV in the period 1 January 2022 to 31 December 2022 (pence per share) In spite of this, recent operating results from companies in our portfolio indicate that they have been able to partially withstand these inflationary pressures by implementing appropriate short- term strategies and adapting their business models accordingly. While the majority of the stocks in the portfolio have declined in value over the past year, dividends for the most part were maintained, with a handful of names producing positive returns for the year. These were Begbies Traynor (LSE: BEG), 4Imprint (LSE: FOUR) and NWF (LSE: NWF). 8 | Athelney Trust plc | Annual Report 2022 Strategic Report Fund Manager's Review Continued While we do sell some of our investments from time to time, our process aims to find high-quality businesses that we own for the very long-term and as a result our portfolio turnover remains low. During the past year, while we did reduce our overall exposure to the Property Trusts, we still maintained a material exposure in recognition of the need to maintain the dividend paid to shareholders within a growth style portfolio. However, we are always looking for new investments and when we do find them, we ensure that they have sustainable and resilient characteristics. In the past twelve months we added two new names to the portfolio: Cerillion: (LSE: CER) Cerillion joined AIM in 2016 and has since established a very strong record of revenue and profit growth principally from software licences and related support and maintenance sales. It operates in approximately forty-five countries globally, providing customers with mission-critical software for billing, charging and customer relationship management mainly for telecommunications providers, but also for other sectors, including energy and utilities. Whilst the coronavirus pandemic is no longer directly affecting business operations, the global experience of remote-working - still in place in many economies - has continued to emphasise the dependence of the world economy on state-of-the-art telecoms infrastructure. Over the year, we continued to see high levels of investment in the sector, and an acceleration of investment in 5G and fibre rollouts, with spending trickling down from core network improvements to ancillary system upgrades and replacements, particularly due to national security concerns. We expect to see these trends continue with increasing pressure on telcos to find efficiencies in their digital real-estate. This is likely to encourage further market take-up of product-based SaaS solutions, which Cerillion offers, rather than the more bespoke solutions available from more traditional vendors which require highly complex implementations over several years and have a higher total cost of ownership. Impax Asset Management (LSE: IPX) Impax Asset Management is a fund manager who invests globally in companies focused on the transition to a more sustainable global economy and is well placed to benefit from the profound changes to the economic landscape particularly in the areas of climate change, pollution and essential investments in human capital, infrastructure and resource efficiency. Impax has proven expertise in finding and investing in companies and assets that are well positioned in this space and should benefit from these mega-trends which will drive growth for them and create risks for those unable or unwilling to adapt to the changes. They offer a well-rounded suite of investment solutions spanning multiple asset classes and should be able to deliver superior shareholder returns over the medium to long-term. Looking ahead While I was preparing to write this year's commentary, the following quote came to my attention: "Time is the friend of the wonderful business, the enemy of the mediocre." Warren Buffett - Letter to Shareholders 1989 While supply chains are stretched and input products in short supply, it can be challenging to recognise the potential in companies, particularly those that are in the growth stage of their life cycle. It can also be difficult to evaluate the 'narratives' that some companies are telling about themselves. To invest in a company in the growth stage of their life cycle it is important to balance the company's narrative alongside its numbers and it is vital not to get caught up in the hype and noise of the internet and daily market movements. A sound investment philosophy sets out a number of 'rules' or 'procedures' to fall back on when the market noise gets too loud. Companies that have a sustainable competitive advantage will always be well-placed to withstand short-term headwinds, regardless of market conditions, maintain market share and ultimately find new ways to grow. Their ability to be flexible, to move quickly, to take advantage of opportunities as they arise, and to capitalise on market trends and demand, will continue to support the ongoing success of such businesses, and provide significant long-term opportunities for their investors. The pandemic, devastating weather events, and the invasion of Ukraine are examples of macro-environmental shocks impacting companies worldwide and it is also of paramount importance to take a holistic approach when analysing the companies and their sustainability by considering the business competitiveness and ability to dynamically adapt and react to black swan events - to be resilient. Over the past few years our industry, and society more broadly, has continued to evolve with higher expectations being made of businesses and their social licence to operate. Being a good corporate citizen is only part of it. Being a good corporate citizen that is compassionate, committed to its people, planet, and the community is mandatory. Any successful business owner makes decisions for the betterment of their long-term business. Having sustainable practices and a long-term mindset is vital for any operator in this modern, rapidly changing world. Sustainability has long been part of our investment process and since we see ourselves as business owners (and not share traders), we invest along similar principles where sustainability and competitiveness are central to any investment analysis. 9 | Athelney Trust plc | Annual Report 2022 Strategic Report Fund Manager's Review Continued A genuine long-term approach Investment management is more than merely generating alpha in excess of a benchmark. While that is a core part of our mandate, other very important qualitative issues are central to what we do. For example, we recognise that capital allocation is a vehicle through which to drive change. We have the opportunity to demand specific standards of corporate governance, decide whether specific social and ethical issues are acceptable and, if they are not, we vote with our feet. For us, the integrity and credibility of any management team is a founding principle to our investment process. We need to trust that management has the best interests for all stakeholders at heart, and we have faith that they will make sound strategic decisions and have substantial experience and capabilities in their chosen field. As custodians of our capital, we must ensure that we are doing whatever we can to preserve capital and grow it over time. We allocate capital to investments which we believe are sustainable in the long-term, and finding trustworthy, values-based management that aligns with our core values and beliefs will ensure above- average economic portfolio returns. Sustainability of investment performance or the improvement of the wellbeing of broader society hinges upon ethical, transparent, and honest leadership and in cases where we feel we can add something to the conversation, we engage with the company. While current macro events have put pressure on our portfolio in the short-term, our investment philosophy is based on the belief the long-term economics of a business drives long-term investment returns. Our companies have strong business models with capable and experienced management teams and the long- term financial metrics of our portfolio companies, including organic sales growth, earnings and dividend growth, should provide the impetus for an improvement in valuations or at least be supportive of the current valuations in the future. The Athelney dividend is supported in the short-term by the reserves we have built up in the good times as well as by the ongoing distributions from the high yielding property trusts. For many of the companies in the portfolio our estimates and forecasts for earnings and dividends remain promising and over time we expect that dividends from the high growth quality companies in the portfolio will increase sufficiently so that the property trusts can be replaced by other high growth quality companies without jeopardising our AIC dividend hero status. Update The unaudited NAV on 31 January 2023 was 229.4p per share - up by 4.6% from 31 December 2022. The share price on the same day was 205p (trading at a discount of 10.7%). Further updates can be found at www.athelneytrust.co.uk Dr Manny Pohl AM Fund Manager 13 February 2023 10 | Athelney Trust plc | Annual Report 2022 Strategic Report Investment and Portfolio Analysis at 31 December 2022 Stock Holding Value (£) SECTOR £ % Chemicals Treatt 30,000 186,000 186,600 4.5% Construction & materials Clarke T 145,000 174,000 174,000 4.2% Electronic & electrical equipment XP Power 4,000 80,400 80,400 1.9% Food & beverages Fevertree 15,000 155,700 155,700 3.7% General financial Close Brothers 20,000 209,600 Impax Asset Management 40,000 287,600 Liontrust Asset Management 27,000 300,780 S & U 6,000 124,800 922,780 22.1% Leisure goods Games Workshop 3,500 300,125 300,125 7.2% Media 4Imprint 5,000 214,250 Rightmove 30,000 154,380 Yougov 10,100 102,010 470,640 11.3% Mobile communications Gamma Communications 15,000 161,700 161,700 3.9% Multiutilities National Grid 14,000 140,140 140,140 3.4% Property, commercial & residential AEW UK REIT 475,000 475,950 Londonmetric REIT 100,000 172,600 Target Healthcare REIT 245,000 196,980 Tritax BigBox REIT 200,000 278,800 1,124,330 26.7% Support services Begbies Traynor 95,000 135,090 NWF Group 35,000 86,800 Paypoint 12,000 60,960 Smart Metering Systems 8,000 62,720 345,570 8.3% Technology Cerillion 10,000 119,000 119,000 2.8% Portfolio Value 4,180,985 Net Current Assets 553,577 TOTAL VALUE 4,734,562 Shares in issue 2,157,881 Audited NAV 219.4p 11 | Athelney Trust plc | Annual Report 2022 Strategic Report Investment and Portfolio Analysis at 31 December 2022 Continued Portfolio by Sectors Portfolio by Listing 12 | Athelney Trust plc | Annual Report 2022 Strategic Report Section 172(1) Statement The Directors of the Company are required to promote the success of the Company for the benefit of the Members and Shareholders as a whole. Section 172(1) of the Companies Act (2006) expands this duty and requires the Directors to consider a broader range of interested parties when considering the promotion of the Company. This wider group of stakeholders will include employees, if any, suppliers, customers and others, and the Board will look to understand and take into account the needs of each stakeholder, although recognising that different stakeholders may have conflicting priorities and not all decisions made will be to the benefit of all stakeholder groups. When making decisions the Board should consider the following: • the likely consequences of any decisions in the long-term; • the interests of the Company's employees (if applicable); • the impact of the Company's operations on the environment and the community; • the need to foster the Company's business relationships with suppliers, customers and others; • the need to act fairly for all members of the Company, and • the desirability of the Company maintaining a reputation for high standards of business conduct. In line with similar small Investment Trusts and Investment Companies, Athelney Trust plc does not have any customers and relies on a number of third-party providers of services such as Company Administrator, the Custodian and the Registrar to maintain its operations. The Company takes into account the regulations of the market in which it operates and has regard to the environment and the wider community in which it operates. At every Board meeting the Directors review the performance of the Company towards meeting the Company's Investment Objective through its strategy. Manny Pohl is the fund manager, reports to other Board members and answers any questions raised. Compliance with existing regulatory and legal requirements is reviewed, together with any new regulations that are due to be introduced or are being proposed that may affect the Company. The Board recognises the importance of, and is committed to, understanding the views of Shareholders and maintaining communication with its Shareholders in the most appropriate manner. This is undertaken through: Annual General Meeting The Company, in normal circumstances encourages all Shareholders to attend and participate at its Annual General Meeting ("AGM"). Whilst the formal business of the meeting is the primary purpose of the meeting, members of the Board are available to answer questions directly from Shareholders, to provide an update to the meeting and to offer Shareholders an insight into the business. The Board plan to hold the 2023 AGM on 16 March 2023 at 12.00 noon. Further details regarding the 2023 AGM are contained in the Notice of the Annual General Meeting published in a separate notification. Published Reports The Company produces Annual and Half Yearly Reports and monthly fact sheets are all available from the Company's website and paper copies are available on request from the registered office. The publication of these reports is considered to be the primary method of communication to Shareholders and other readers of the reports and provides detailed information on the portfolio, performance over the period and an assessment of the outlook for the Company. The Annual Report also contains details regarding the Company's corporate governance and the Board seek to ensure that the Report is readable and is mindful that it should be fair, balanced and understandable. Shareholder enquiries Shareholders can contact the Company or any of its Directors through the Company Secretary or through their company email address. Alternatively, letters can be sent to the registered office address. Although the Directors are not available full time, with the assistance of the Company Secretary they seek to maintain open communication to all Shareholders. Suppliers The Company Secretary Deborah Warburton and Administrator GW & Co. Limited are often the main contact point for advisors and stakeholders in the Company. Regular communication is maintained between the Company Secretary and the Directors advising them of all matters concerning the Company. The Company also relies on the provision of services from outside parties to operate and gives consideration to the needs and objectives of those providers and recognises that their success will often assist the Company in achieving its objectives. Regulators The Company operates in an environment that is governed by legal and regulatory requirements. The Board recognises that these requirements are there to protect stakeholders, including the government. Environment and Community As the Company does not have any direct employees nor any physical office environment of its own it has little direct impact on the community or the environment. The Company seeks to reduce its impact on the environment in encouraging Shareholders to receive Reports electronically rather than through printed hard copies. When paper copies are requested FSC paper is used. The Board also engage through electronic means where possible rather than hold excessive face to face meetings. 13 | Athelney Trust plc | Annual Report 2022 Strategic Report Other Statutory Information As explained within the Report of the Directors on pages 20 to 21, the Company carries on business as an investment trust. Investment trusts are collective closed-ended public limited companies. Board The Board of Directors is responsible for the overall stewardship of the Company, including investment and dividend policies, corporate and gearing strategy, corporate governance procedures and risk management. Biographical details of the three male Directors, can be found on pages 2 and 3. One of the Directors is the Company's only employee (2021: one employee). Investment Objective The investment objective of the Trust is to provide shareholders with prospects of long-term capital growth with the risks inherent in small cap investment minimised through a spread of holdings in quality small cap companies that operate in various industries and sectors. The Fund Manager also considers that it is important to maintain a progressive dividend record. Investment Policy The assets of the Trust are allocated predominantly to companies with either a full listing on the London Stock Exchange or a trading facility on AIM or AQSE. The assets of the Trust have been allocated in two main ways: first, to the shares of those companies which have grown steadily over the years in terms of revenue and profits but, despite this progress are undervalued by the market when compared to future earnings and dividends; second, those companies whose shares are undervalued by the market when compared with the value of land, buildings, other assets or cash on their balance sheet. Investment Strategy The investment strategy employed by the Fund Manager in meeting the investment objective focuses on active stock selection. The selection of individual holdings is based on analysis of, amongst other things, market positioning, competitive advantage, future growth, financial strength and cash flows. The weighting of individual investments reflects the Fund Manager's conviction in the expected future returns from those holdings. Investment of Assets At each Board meeting, the Board considers compliance with the Company's investment policy and other investment restrictions during the reporting period. An analysis of the portfolio on 31 December 2022 can be found on pages 11 and 12 of this report. Responsible Ownership The Fund Manager takes a particular interest in corporate governance and social responsibility investment policy. As stated within the Corporate Governance Statement on pages 16 to 19, the Fund Manager's current policy is available on the Trust's website www.athelneytrust.co.uk . The Board supports the Fund Manager on his voting policy and his stance towards environmental, social and governance issues. Review of Performance and Outlook Reviews of the Company's returns during the financial year, the position of the Company at the year end, and the outlook for the coming year are contained in the Chairman's Statement on pages 4 to 6 and the Fund Manager's review on pages 7 to 10 which form part of the Strategic Report. Principal Risks and Uncertainties and Risk Management As stated within the Corporate Governance Statement on pages 16 to 19, the Board applies the principles detailed in the internal control guidance issued by the Financial Reporting Council, and has established a continuing process designed to meet the particular needs of the Company in managing the risks and uncertainties to which it is exposed. The principal risks and uncertainties faced by the Company are described below and in note 12 which provides detailed explanations of the risks associated with the Company's financial instruments. • Market - the Company's fixed assets consist almost entirely of listed securities and it is therefore exposed to movements in the prices of individual securities and the market generally. • Investment and strategic - incorrect investment strategy, asset allocation, stock selection and the use of gearing could all lead to poor returns for shareholders. • Regulatory - Relevant legislation and regulations which apply to the Company include the Companies Act 2006, the Corporation Tax Act 2010 ("CTA") and the Listing Rules of the Financial Conduct Authority ("FCA"). The Company has noted the recommendations of the UK Corporate Governance Code and its statement of compliance appears on pages 16 to 19. A breach of the CTA could result in the Company losing its status as an investment company and becoming subject to capital gains tax, whilst a breach of the Listing Rules might result in censure by the FCA. At each Board meeting the status of the Company is considered and discussed, so as to ensure that all regulations are being adhered to by the Company and its service providers. • Operational - failure of the accounting systems or disruption to its business, or that of other third-party service providers, could lead to an inability to provide accurate reporting and monitoring, leading to a loss of shareholders' confidence. • Financial - inadequate controls by the Fund Manager or other third-party service providers could lead to misappropriation of assets. Inappropriate accounting policies or failure to comply with accounting standards could lead to misreporting or breaches of regulations. 14 | Athelney Trust plc | Annual Report 2022 Strategic Report Other Statutory Information Continued • Liquidity - the Company may have difficulty in meeting obligations associated with financial liabilities. • Trading - ATY is a small trust and its shares can be illiquid, which means that investors may have difficulty in dealing in larger amounts of shares. The Company has complied with the MiFID ll and KID legislation and the deadlines to ensure that shares in the Company were still able to be traded. A copy of the Company's KID can be found on the website http://www.athelnevtrust.co.uk The Board is not aware of any breaches of laws or regulations during the period under review and up to the date of this report. The Board seeks to mitigate and manage these risks through continual review, policy setting and enforcement of contractual obligations. It also regularly monitors the investment environment and the management of the Company's investment portfolio. Investment risk is spread through holding a wide range of securities in different industrial sectors. Statement Regarding Annual Report and Financial Statements Following a detailed review of the Annual Report and Financial Statements by the Audit Committee, the Directors consider that taken as a whole it is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy. Environment Emissions The Company does not have any physical assets, property, or operations of its own and as such does not generate any greenhouse gas or other emissions. Social, Community and Human Rights issues The Company has one employee and, as far as the Board is aware, no issues exist in respect of social, community or human rights issues. Alternative Investment Fund Manager's Directive ("AIFMD") The Company is registered as its own AIFM with the FCA under the AIFMD and confirms that all required returns have been completed and filed. On behalf of the Board Dr Manny Pohl AM Managing Director 13 February 2023 15 | Athelney Trust plc | Annual Report 2022 Corporate Governance Statement Shareholders hold the Directors of a company responsible for the stewardship of that company's affairs. Corporate governance is the process by which a Board of Directors discharges this responsibility. The Company's arrangements in respect of corporate governance are explained in this report. The Company is required to comply with, or to explain its non-compliance with, the relevant provisions of the UK Corporate Governance Code issued by the Financial Reporting Council (the 'FRC') in January 2021 which can be found at www.frc.org.uk . The Association of Investment Companies issued its own Code of Corporate Governance in April 2021 (the 'AIC Code'), which can be found at www.theaic.co.uk . and which has been approved by the FRC as it addresses all the principles of the UK Corporate Governance Code as well as setting out additional principles and provisions on issues which are of specific relevance to investment trusts. The Board considers that reporting against the Principles and Provisions of the AIC Code, which has been endorsed by the FRC, provides more relevant information to shareholders. The Company has not complied with the provisions of the AIC Code and the UK Corporate Governance Code in respect of the following: • Due to the size of the Board, formal performance evaluations of the Chairman, the Board, its Committees and individual Directors are not undertaken. Instead, it is felt more appropriate to address matters as and when they arise. • Due to the size of the Board, it is felt inappropriate to appoint a senior independent non-executive Director. • All the Directors have agreements for provision of their services but no limit has been imposed on the overall length of service. The recommendation of the Code is for fixed term renewable contracts. In recent years each of the Directors has retired and, where appropriate, sought re-election. One third of the Directors retires by rotation annually in accordance with the Company's articles of association. • The Company has one employee. The Company Secretary's line of communication in relation to whistle- blowing is to the Chairman of the Company. The Company does not have a Nominations Committee. During the year the Board comprised a maximum of three Directors who liaised continuously throughout and were aware of their obligations to consider recruitment of further Directors as and when the occasion occurred. Board Membership At 31 December 2022 the Board consisted of three Directors, of which two were and remain independent. The biographies of all the current Directors are contained on pages 2 and 3. Manny Pohl and Simon Moore retired by rotation and were re-elected at the AGM on 5 April 2022. The Directors believe that the Board has the balance of skills, experience and length of service to enable it to provide effective leadership and proper governance of the Company. The Directors possess a range of business and financial expertise relevant to the direction of the Company and consider that they commit sufficient time to the Company's affairs. All Directors receive relevant training, collectively or individually, as necessary. The Directors of the Company meet at regular Board Meetings. During the year ended 31 December 2022, the Board met a total of 7 times, via conferencing facilities due to face to face meetings being impossible due to COVID-19 restrictions. Board Audit Remuneration Meetings Committee Committee E C Pohl 5 - 1 N F Ashton 5 1 1 S Moore 5 1 1 The Board subscribes to the view expressed in the AIC Code that long- serving Directors should not be prevented from forming part of an independent majority. It does not consider that the length of a Director's tenure reduces their ability to act independently. The Board's policy on tenure is that continuity and experience are considered to add significantly to the strength of the Board and, as such, no limit on the overall length of services of any of the Company's Directors, including the Chairman, has been imposed, although the Board believes in the merits of periodic and progressive refreshment of its composition. The Board of Directors of the Company comprises three male Directors. Whilst the Board recognises the benefits of diversity in appointments to the Board, the key criteria for the appointment of new Directors will be the appropriate skills and experience in the interest of shareholder value. The Directors are satisfied that it has an appropriate breadth of skills and experience. The Board is not currently planning to add a fourth Director to the Board. The basis on which the Company aims to generate value over the longer term is set out in the Strategic Report on pages 4 to 15. All matters, including corporate and gearing strategy, investment and dividend policies, corporate governance procedures and risk management are reserved for the approval of the Board of Directors. The Board receives full information on the Company's investment performance, assets, liabilities and other relevant information in advance of Board meetings. 16 | Athelney Trust plc | Annual Report 2022 Corporate Governance Statement Continued Board Responsibilities and Relationship with the Fund Manager The Board is responsible for the investment policy (the Mandate) and strategic and operational decisions of the Company and for ensuring that the Company is run in accordance with all regulatory and statutory requirements. These matters include: • The maintenance of clear investment objective and risk management policies, changes to which require Board approval; • The monitoring of the business activities of the Company, including investment performance and annual budgeting; and • Review of matters delegated to the Fund Manager and Company Secretary. The Fund Manager ensures that Directors have timely access to all relevant management and financial information to enable informed decisions to be made and contacts the Board as required for specific guidance. The Company Secretary and Fund Manager prepare monthly reports for Board consideration on matters of relevance, for example current valuation and portfolio changes, dividend comparisons with previous years, cash availability and requirements and a breakdown of shareholdings by listing and sector. The Board takes account of Corporate Governance best practice. Corporate Governance and Social Responsible Investment Policy The Board is aware of its duty to act in the interests of the Company. The Board acknowledges that there are risks associated with investment in companies which fail to conduct business in a socially responsible manner. The Fund Manager considers social, environmental and ethical factors which may affect the performance or value of the Company's investments. The Directors, through the Fund Manager, encourage companies in which investments are held to adhere to best practice in the area of Corporate Governance. They believe that this can best be achieved by entering into a dialogue with company management to encourage them, where necessary, to improve their policies in this area. The Company's ultimate objective is to deliver superior long term returns for Shareholders which the Board believe will be produced on a sustainable basis by investing in companies which adhere to best practice in the area of Corporate Governance. Accordingly, the Fund Manager will seek to favour companies which pursue best practice in this area. Chairman Mr. N F Ashton is independent and considers himself to have sufficient time to commit to the Company's affairs. Directors' Independence In accordance with the Listing Rules for investment entities, the Board has reviewed the status of its individual Directors and the Board as a whole. Two of the three current Directors including the Chairman are considered by the Board to be independent in character and judgement and there are no relationships or circumstances which are likely to affect or could appear to affect the Directors' judgement. Remuneration Committee During the year the Remuneration Committee comprised Simon Moore and Frank Ashton. The Committee will meet as necessary to determine and approve Director's fees, following proper consideration of the role that individual Directors fulfil in respect of Board and Committee responsibilities, the time committed to the Company's affairs and remuneration levels generally within the Investment Trust Sector. Under Listing Rule 15.6.6, the Code principles relating to Directors' remuneration do not apply to an investment trust company other than to the extent that they relate specifically to non-executive Directors. Detailed information on the remuneration arrangements can be found in the Directors' remuneration report on pages 23 to 25 and in note 4 to the financial statements. Company Secretary The Company Secretary, Deborah Warburton FCCA, is responsible for ensuring that Board and Committee procedures are followed and that the Company complies with regulations. The Company Secretary also ensures timely delivery of information and reports and that the statutory obligations of the Company are met. All the Directors have access to the advice and services of the Company Secretary. Independent Professional Advice and Directors' Training Individual Directors may, at the expense of the Company, seek independent professional advice on any matter that concerns them in the furtherance of their duties. The Chairman liaises on a regular basis with the other Directors and the Company Secretary to ensure that they are maintaining adequate training and continuing professional development. Institutional Investors - Use of Voting Rights and Voting Policy The Fund Manager, in the absence of explicit instruction from the Board, is empowered to exercise discretion in the use of the Company's voting rights. The Fund Manager votes against resolutions he believes may damage shareholders' rights or economic interests. Audit Committee During the year the Audit Committee comprised Simon Moore and Frank Ashton. The Committee met once during the year. The duties of the committee include reviewing the Annual and Interim Accounts, the system of internal controls, and the terms of appointment and remuneration of the auditor, Hazlewoods LLP, including its independence and objectivity. It is also the forum through which Hazlewoods LLP reports to the Board of Directors. 17 | Athelney Trust plc | Annual Report 2022 Corporate Governance Statement Continued Much of the Board's corporate governance responsibility is discharged through the Audit Committee. This Committee operates within clearly defined written terms of reference which are available upon request at the Company's registered office. Significant Issues Considered by the Audit Committee in Relation to the Financial Statements Matter Action COVID-19 pandemic The COVID-19 pandemic is still adversely affecting the global economy and this, in turn may, still impact on the valuation of investee companies and their ability to pay dividends. Key service providers could experience high levels of staff illness which may interrupt services. The Fund manager and the Administrator monitor the dividend situation monthly and make the Board aware of cancelled, postponed dividends as soon as they become aware. The Board have checked with key service providers the steps they have taken to protect their employees and procedures they have in place for a continuity of service. Investment Portfolio Valuation The Company's portfolio is invested predominantly in listed securities. Although all the securities are fully listed or traded on AIM or AQSE, errors in the portfolio valuation could have a material impact on the Company's net asset value per share. The portfolio is valued at bid price at the end of each month by the custodians James Sharp & Co. Misappropriation of Assets Misappropriation of the Company's investments or cash balances could have a material impact on its net asset value per share. The portfolio is agreed on a monthly basis by the Company Secretary during the completion of the monthly accounts. Income Recognition Incomplete or inaccurate income recognition could have an adverse effect on the Company's net asset value and earnings per share and its level of dividend cover. The level of income received for the year and the dividend forecast for the year are agreed on a monthly basis with the Fund Manager and the Company Secretary. Ukraine War The war in the Ukraine has adversely affected the global economy and this, may impact on the valuation of investee companies and their ability to pay dividends. The Fund manager and the Administrator monitor the dividend situation monthly and make the Board aware of cancelled, postponed dividends as soon as they become aware. The Audit Committee reviews the scope and results of the audit and, during the year, considered and approved Hazlewoods LLP's plan for the audit of the financial statements for the year ended 31 December 2022. At the conclusion of the audit Hazlewoods LLP did not highlight any issues to the Audit Committee which would cause it to qualify its audit report nor did it highlight any fundamental internal control weaknesses. Hazlewoods LLP issued an unqualified audit report which is included on pages 26 to 29. As part of the review of auditor independence and effectiveness, Hazlewoods LLP has confirmed that it is independent of the Company and has complied with relevant auditing standards. In evaluating Hazlewoods LLP, the Audit Committee has taken into consideration the standing, skills and experience of the firm and the audit team. Following professional guidelines, the audit partner rotates after five years. Company Information The following information is disclosed in accordance with The Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 and DTR 7.2.6. • The Company's capital structure and voting rights are summarised on pages 20 and 21. • Details of the substantial shareholders in the Company are listed on page 20. • The rules concerning the appointment and replacement of Directors are contained in the Company's Articles of Association and are discussed on page 20. The Board is seeking to renew its current powers to issue and re-purchase shares at the forthcoming Annual General Meeting. • There are: no restrictions concerning the transfer of securities in the Company; no special rights with regard to the control attached to securities; no restrictions on voting rights; no agreements which the Company is party to that might affect its control following a successful takeover. • There are no agreements between the Company and its Directors concerning compensation for loss of office. 18 | Athelney Trust plc | Annual Report 2022 Corporate Governance Statement Continued Relations with Shareholders The Company places great importance on communication with shareholders and welcomes their views. The Chairman and the other Directors have spoken to major shareholders during the year to discuss their aspirations for the Company going forward. The Annual General Meeting of the Company provides a forum, both formal and informal, for shareholders to meet and discuss issues with the Directors of the Company. To comply with the AIC Code the Board are required to consult with shareholders when 20 percent or more of votes have been cast against Board recommendations for a resolution. All resolutions proposed at the AGM were unanimously passed. The notice and further details of the Annual General Meeting, to be held on 16 March 2023 at 12.00 noon, is published in a separate notification. The Annual Report and Notice of Annual General Meeting are sent to shareholders at least 20 working days before the Meeting. Internal Control The Board is responsible for the Company's system of internal control and for reviewing its effectiveness. It has therefore established an ongoing process designed to meet the particular needs of the Company in managing the risks to which it is exposed, consistent with the internal control guidance issued by the Financial Reporting Council. Adequate internal controls are in place for identifying, evaluating and managing risks faced by the Company. This process, together with key procedures established with a view to providing effective financial control, has been in place for the full financial year and up to the date the financial statements were approved and is consistent with the internal control guidance issued by the Financial Reporting Council. The Board has reviewed the need for an internal audit function. It has decided that the systems and procedures employed by the Directors, provide sufficient assurance that a sound system of internal control, which safeguards the Company's assets, is maintained. An internal audit function specific to the Company is therefore considered unnecessary. Internal Control Assessment Process Risk assessment and the review of internal controls are undertaken by the Board in the context of the Company's overall investment objective. The review covers the key business, operational, compliance and financial risks facing the Company. In arriving at its judgement of what risks the Company faces, the Board has considered the Company's operations in the light of the following factors: • The nature and extent of risks which it regards as acceptable for the Company to bear within its overall business objective; • The threat of such risks becoming a reality; • The Company's ability to reduce the incidence and impact of risk on its performance; and • The cost and benefits to the Company of third parties operating the relevant controls. Against this background, the Board has split the review of risk and associated controls into four sections reflecting the nature of the risks being addressed. These sections are as follows: • Corporate strategy; • Published information, compliance with laws and regulations; • Relationship with service providers; and • Investment and business activities. The key procedures which have been established to provide internal controls are as follows: • Custody and valuation of assets is undertaken by James Sharp & Co; • The duties of investment management, accounting and the custody of assets are segregated. The procedures of the individual parties are designed to complement one another; • The Directors of the Company clearly define the duties and responsibilities of their agents and advisers. The appointment of agents and advisers is conducted by the Board after consideration of the quality of the parties involved; the Board monitors their ongoing performance and contractual arrangements; • Mandates for authorisation of investment transactions and expense payments are set by the Board; and • The Board reviews financial information produced by the Fund Manager and the Company Secretary in detail on a regular basis. In accordance with guidance issued to Directors of listed companies, the Directors have carried out a review of the effectiveness of the system of internal control as it has operated over the year. On behalf of the Board Dr Manny Pohl AM Managing Director 13 February 2023 19 | Athelney Trust plc | Annual Report 2022 Report of the Directors The Directors present their report and audited financial statements of the Company for the year ended 31 December 2022. This report also contains certain information required in accordance with S992 of the Companies Act 2006. Results and Dividends The return on ordinary revenue activities before dividends for the year is £148,531 (2021: £151,260) as detailed on page 30. The company paid an interim dividend of 2.1p per ordinary share on the 23 September 2022. It is recommended that a final dividend of 7.5p per ordinary share be paid. This will increase the total dividend paid this year to 9.6p (2021: 9.5p) per ordinary share. Principal Activity and Status The Company (company number: 02933559) is a public limited company, limited by shares and incorporated in England and Wales Country of formation or incorporation CY_PERIOD_EW England and Wales . It is an investment company as defined in Section 833 of the Companies Act 2006. Description of principal activities CY_PERIOD It is an investmen...ompanies Act 2006. The registered office is Waterside Court, Falmouth Road, Penryn, TR10 8AW. The Company carries on business as an investment trust. The Company has been granted approval from HM Revenue & Customs ('HMRC') as an authorised investment trust under Section 1158 of the Corporation Tax Act 2010 for the year ended 31 December 2021. The Directors are of the opinion that the Company has conducted its affairs for the year ended 31 December 2022 so as to be able to continue to obtain approval as an authorised investment trust, under Section 1158 of the Corporation Tax Act 2010. Directors Biographical details of the Directors can be found on pages 2 and 3. In accordance with the arrangements for retirement contained in the Company's Articles of Association, the Directors will retire by rotation on a three yearly cycle. Frank Ashton will retire at the 2023 AGM and will offer himself for re-election. In addition to any power of removal conferred by the Companies Acts, the Company may by special resolution remove any Director without notice. Conflicts of Interest Each Director has a statutory duty to avoid a situation where they have, or could have, a direct or indirect interest which conflicts, or may conflict, with the interests of the Company. A Director will not be in breach of that duty if the relevant matter has been authorised by the Board in accordance with the Company's Articles of Association. The Board has approved a protocol for identifying and dealing with conflicts and conducts a review of actual or possible conflicts at least annually. No conflicts or potential conflicts were identified during the year. It is not considered that an interest in the Company's shares held by a Director will of itself give rise to a situation where that Director's interests or duties conflict with the interests of the Company. Capital Structure At 31 December 2022 the Company's capital structure consisted of 2,157,881 Ordinary Shares of 25p each (2021: 2,157,881 Ordinary Shares of 25p each). Directors and Their Interests The Directors who held office during the year and at the date of this report are shown below; their interest in the ordinary shares of the Company is stated on page 25 in the Directors' Remuneration Report. Dr E. C. Pohl AM (Managing Director) N. Ashton (Chairman) S. Moore (Non-Executive Director) The Company does not have any contract of significance subsisting during the year, with any other company in which a Director is or was materially interested. J C Pohl as alternate Director for Dr E C Pohl. As Dr E C Pohl was able to attend all meetings of the Board during the year, J C Pohl was not required to act as his alternate. Substantial Shareholders The Directors have been notified of the following major shareholdings in the Company that represent greater than 3% of the voting rights: Ordinary Shares % of Issue Astuce Group 550,000 25.5 IP Worldwide Flexible Fund 339,054 15.7 Mehr Mutual 121,479 5.6 E C Pohl & Co Pty Ltd 86,000 4.0 Mr GW & Mrs DJ Whicheloe 81,500 3.8 Mrs E Davison 75,000 3.5 Mr C Frostick 70,500 3.3 Mr S Moore 67,500 3.1 P Grodzinski 65,000 3.0 Out of the nine major shareholders listed above Dr. Manny Pohl has control over two substantial shareholdings amounting to 29.5% of the total shareholding, he is also in contact with IP Worldwide Flexible Fund and Mr C Frostick on a regular basis. Simon Moore has control of 3.1% of the total shareholdings and is in regular contact with two of the remaining four substantial shareholders. The remaining two are in regular contact with the Directors (or their respective agent) to ensure that they are frequently apprised and are content with the manner in which the Company is being run. There have been no changes to the substantial shareholders up until 6 February 2023. 20 | Athelney Trust plc | Annual Report 2022 Report of the Directors Continued Dividends The Ordinary Shares carry a right to receive dividends which are declared from time to time by an Ordinary Resolution of the Company (up to the amount recommended by the Directors) and to receive any interim dividends which the Directors may resolve to pay. Capital Entitlement On a winding up, after meeting the liabilities of the Company, the surplus assets will be paid to ordinary shareholders in proportion to their shareholdings. Voting On a show of hands, every ordinary shareholder present in person or by proxy has one vote and, on a poll, every ordinary shareholder present in person has one vote for every share he/she holds and a proxy has one vote for every share in respect of which he/she is appointed. Engagement with Suppliers and Other Business Relationships The Directors have regard for the need to maintain good business relationships with suppliers and other businesses that the Company may have contact with throughout the year. Suppliers are paid in a timely manner and well within the credit terms afforded to the Company. Other business relationships are maintained on a professional and courteous level with regular contact being maintained by the Fund Manager, Company Secretary and Audit Committee Chairman. Going Concern In assessing the going concern basis of accounting, the Directors have had regard to the guidance issued by the Financial Reporting Council. They have considered the current cash position of the Company, and forecast revenues for the current financial year. The Directors have also taken into account the Company's investment policy, which is described on page 14 and which is subject to regular Board monitoring processes, and is designed to ensure that the Company is invested in listed securities and those traded on AIM or AQSE. The Company retains title to all assets held by its Custodian. Note 12 to the financial statements sets out the financial risk profile of the Company and indicates the effect on its assets and liabilities of falls and rises in the value of securities, market rates of interest and changes in exchange rates. The Directors believe, in the light of the controls and review processes noted above and bearing in mind the nature of the Company's business and assets that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Viability Statement The Directors have assessed the prospects of the Company for a period of three years. The Board believes this time period is appropriate having consideration for the Company's principal risks and uncertainties (outlined on pages 14 and 15), its portfolio of listed equity investments and cash balances, and its ability to achieve the stated dividend policy. The Directors have assessed the ability of the Company to continue as a going concern as outlined above. In making this assessment, the Directors have considered detailed information provided at Board meetings which includes the Company's balance sheet, investment portfolio and income and operating expenses. Based on the above, the Board confirms that the Company fully expects it will be able to continue in operation and meet its liabilities as they fall due over the three-year period of this assessment. Financial Instruments The Company's financial instruments comprise its investment portfolio, cash balances and debtors and creditors that arise directly from its operations such as sales and purchases awaiting settlement and accrued income. The financial risk management objectives and policies arising from its financial instruments and the exposure of the Company to risk are disclosed in note 12 to the financial statements. Annual General Meeting The Notice of Annual General Meeting is published in a separate notification. Disclosure of Information to Auditors The Directors confirm that, so far as each of them is aware, there is no relevant audit information of which the Company's auditor is unaware and the Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Statement on quality and completeness of information provided to auditors CY_PERIOD The Directors conf... that information. Re-appointment of Auditor A resolution will be put to the shareholders at the Annual General Meeting proposing the re-appointment of Hazlewoods LLP as Auditor to the Company. Hazlewoods LLP has indicated its willingness to continue in office. On behalf of the Board Dr Manny Pohl AM Managing Director Director signing Directors' Report CY_PERIOD_DR1 Director 1 13 February 2023 Date of signing of Directors' Report CY_END 13/02/2023 21 | Athelney Trust plc | Annual Report 2022 Statement of Directors' responsibilities in respect of the financial statements The Directors are responsible for preparing the Annual Report and the financial statements and have elected to prepare them in accordance with applicable United Kingdom law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its profit or loss for that period. In preparing the financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy, at any time, the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under applicable law and regulations, the Directors are also responsible for preparing a Report of the Directors, a Strategic Report, Directors' Remuneration Report and Statement on Corporate Governance. The Directors state that to the best of their knowledge: • the Financial Statements, prepared in accordance with UK Generally Accepted Accounting Practice, give a true and fair view of the assets, liabilities, financial position and net return of the Company; • consider the Annual Report and accounts, taken as a whole, are fair, balanced and understandable and provide the necessary information for shareholders to assess the Company's position and performance, business model and strategy; and • the Chairman's Statement and Report of the Directors include a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that it faces. The Directors are responsible for the maintenance and integrity of the corporate and financial information related to the Company including on the Company's website http://www.athelneytrust.co.uk Statement that directors acknowledge their responsibilities under the Companies Act CY_PERIOD The Directors are ...thelneytrust.co.uk Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. On behalf of the Board Dr Manny Pohl AM Managing Director 13 February 2023 22 | Athelney Trust plc | Annual Report 2022 Directors' Remuneration Report The Board has prepared this Report in accordance with the requirements of Section 421 of the Companies Act 2006. An Ordinary Resolution will be put to the members to approve the Report at the forthcoming Annual General Meeting. The law requires the Company's Auditors to audit certain disclosures provided. Where disclosures have been audited, they are indicated as such. The Auditor's opinion is included in their report on pages 26 to 29. Remuneration Committee The Company had a Remuneration Committee during the year comprising Simon Moore and Frank Ashton, Manny Pohl was invited to attend the meeting by the other Board members. The Committee met during the year to review and implement measures to avoid or manage conflicts of interest where applicable and to consider and approve the Directors' remuneration for the year ending 31 December 2022. Policy on Directors' Remuneration The Board's policy is that the remuneration of non-executive Directors should be sufficient to attract and retain Directors with suitable skills and experience, and is determined in such a way as to reflect the experience of the Board as a whole, in order to be comparable with other organisations and appointments. It is intended that this policy will continue for the year ending 31 December 2023 and thereafter. The fees for non-executive Directors are determined within the limits set out in the Company's Articles of Association. The approval of shareholders would be required to increase the limits set out in the Articles of Association. Directors are not eligible for bonuses, pension benefits, share options, long-term incentive schemes or other benefits, as the Board does not consider such arrangements or benefits necessary of appropriate. Fees for any new Director appointed will be made on the same basis. Non-executive Director's fees have been set at £10,500 per annum for a number of years and no changes are expected for the foreseeable future. The salary for the Managing Director and Fund Manager has been fixed at 0.75% of the portfolio value. The policy was last approved by Shareholders at the Annual General Meeting on 30 March 2021 and will remain valid until the Annual General Meeting in 2023. Directors' Service Contracts Each of the Directors has a service contract or letter of engagement with the Company for an initial three-year term commencing in 2019. These were renewed for a further three years before the 2022 AGM. There are no provisions in the service agreements for payments to be made for loss of office, the service contracts are kept at the Registered Office and are available for inspection by appointment. The letters of engagement for all the Directors provide for renewal by the Board on terms to be agreed from time to time. Company Performance The graph below compares capital growth, for the ten financial years ended 31 December 2022, as a cumulative performance graph over the whole 10 years and a table of discrete calendar year performance figures. The comparison is between AIM All-Share and FTSE Small Caps indices as the majority of investment holdings by the Company are a constituent of one or the other of these two indices. The comparison is required by Statutory Instrument to enable the readers of the accounts to compare the performance of the Company. 23 | Athelney Trust plc | Annual Report 2022 Directors' Remuneration Report Continued 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ATY NAV 47.0% 4.0% 7.5% 2.5% 13.4% -20.7% 18.2% -4.4% 21.5% -29.3% FTSE 100 14.4% -2.7% -4.9% 14.4% 7.6% -12.5% 12.1% -14.3% 14.6% 1.0% FTSE 250 28.8% 0.9% 8.4% 3.7% 14.7% -15.6% 25.0% -6.4% 14.3% -19.7% FTSE Small Cap 4.2% -24.0% 7.8% 4.5% 3.6% -23.8% 31.2% 4.4% 20.0% -16.3% AIM All Share 17.9% -31.4% 27.5% 8.6% 8.8% -34.2% 36.4% 20.7% 5.2% -31.7% Past performance is no guarantee of future performance. Directors' Remuneration for the Year (audited) The Directors who served in the year received the following remuneration in the form of salaries or non-executive Directors' fees, no other salary related payments were made to any Director during the year. 2022 2021 £ £ Dr E C Pohl - Fund Manager 40,077 44,877 S Moore (Non-executive) 10,500 10,500 F Ashton (Chairman) 10,500 10,500 Director's expenses - - 61,077 65,877 The Directors' remuneration for the year of £61,077 which is down by 7.3% on 2021 and is before the proposed final dividend of 7.5p increasing the total dividend for the year to 9.6p (2021: 9.5p) per ordinary share, and as compared to total dividends paid in the year at 9.7p per share amounting to £207,156 (2021: £202,840). The remuneration decrease is due to the decrease in the portfolio value during the year on which the Fund Manager's fee is based. Expected Fees Fees for Year for the Year to to 31 31 December December 2023 2022 Chairman basic 10,500 10,500 Fund Manager 42,000 40,077 Non-Executive 10,500 10,500 No expenses were claimed by any Directors during this year. Performance, Service Contracts, Compensation and Loss of Office • The Directors' remuneration is not subject to any performance related fee. • No Director was interested in contracts with the Company during the period or subsequently • The terms of appointment provide that a Director may be removed without notice. • Compensation will not be due upon leaving office. 24 | Athelney Trust plc | Annual Report 2022 Directors' Remuneration Report Continued • No Director is entitled to any other monetary payment or any assets of the Company. • No incentive or introductory fees will be paid to encourage a directorship. • The Directors are not eligible for bonuses, pension benefits, share options, long term incentive schemes or other benefits. Directors' & Officers' liability insurance cover is maintained by the Company on behalf of the Directors. Relative importance of spend on pay 2022 2021 % Change Total remuneration paid to the Fund Manager 40,077 44,877 -10.7% Total remuneration paid to non-executive Directors 21,000 21,000 0% Total remuneration paid 61,077 65,877 -7.3% Directors' beneficial and family interests (audited) The interests of the Directors and their families in the Ordinary shares of the Company are set out below: 31 31 December December 2022 2021 (or date of (or date of Resignation appointment If earlier) if later) Dr E. C. Pohl - 1 - 1 S. Moore 67,500 67,500 F. Ashton 2,234 2,234 Notes: 1. Dr. E. C. Pohl is the sole beneficial owner of E C Pohl & Co Pty Limited. E C Pohl & Co Pty Limited holds 86,000 shares (2021: 496,000). None of the Directors nor any persons connected with them had a material interest in the Company's transactions, arrangements or agreements during the year other than through their holdings in the Company's shares. There are no requirements for the Director's to own shares in the Company. The Directors are fully aware that the Company is not a close company and of the rules associated with this status. The Company Secretary maintains a record of shareholders which is regularly updated. The Company breached the 5/50 rule during 2019 and this has remained during the following three years due to the top 5 shareholders owning more than 50% of the total shares in the company. The Company holds its Investment Trust status under the S446 Companies Act 2010 exemption because more than 35% of the company's shares are held by the public and have been actively traded in the past 12 months on the London Stock Exchange. The Directors' Remuneration Report for the year ended 31 December 2021 was approved by shareholders at the Annual General Meeting held on 5 April 2022. The votes cast by proxy were as follows: Number of % of Votes votes For 814,560 38 Against Nil - Total votes cast 814,560 38 Number of votes withheld Nil - Approval The Directors' Remuneration Report was approved by the Board on 13 February 2023. Dr Manny Pohl AM Managing Director 25 | Athelney Trust plc | Annual Report 2022 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATHELNEY TRUST PLC Opinion We have audited the financial statements of Athelney Trust plc (the 'Company') for the year ended 31 December 2022, which comprise the Income Statement, Statement of Changes in Equity, Statement of the Financial Position, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Opinion of auditors in respect of additional financial reporting framework CY_PERIOD We have audited th...ounting Practice). In our opinion the financial statements: • give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its net return for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; • have been prepared in accordance with the requirements of the Companies Act 2006. Opinion of auditors on entity CY_PERIOD In our opinion the...ompanies Act 2006. Basis for opinion We conducted our audit in accordance with international Standards on Auditing (UK) ((ISAs UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Basis for opinion of auditors on entity CY_PERIOD We conducted our a...s for our opinion. An overview of the scope of our audit Our audit approach was based on a thorough understanding of the Company's business and is risk-based. The day-to-day management of the Company's investment portfolio and the maintenance of the Company's accounting records are managed internally, with the custody of its investments outsourced to third-party service providers. Accordingly, our audit work is focused on obtaining an understanding of, and evaluating, internal controls of the Company and inspecting records and documents held by the third-party service providers. We undertook substantive testing on significant transactions, balances and disclosures, the extent of which was based on various factors such as our overall assessment of the control environment, the effectiveness of controls over individual systems and the management of specific risks. The audit team communicated throughout the audit with the directors and investment managers in order to ensure we had good knowledge of the business of the Company. During the audit, we reassessed and re-evaluated audit risks and tailored our approach accordingly. We communicated with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant findings, including significant deficiencies in internal control that we identified during the audit, if any. Statement on scope of audit report CY_PERIOD Our audit approach...the audit, if any. Conclusions relating to going concern In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. In making this assessment we have considered the directors' procedures for overseeing the activities of the company and reviewing its results and forecasts. The application of those procedures has been supported by us reviewing Board minutes and other accessible documentation which confirm that the directors regularly benchmark key performance indicators which include but is not restricted to, comparing performance against the FTSE Small Cap, FTSE 250 and FTSE 100 markets, frequent monitoring of available funds, anticipated cash outflows and financial headroom. In conjunction with the evaluation of management's assessment of going concern, we have observed that resources are carefully planned and managed with the intention of ensuring that the Company has sufficient resources available and accessible to ensure that the Company' commitments and obligations are capable of being met as they fall due. In relation to the entities reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the directors' statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Our approach to the audit Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matters identified were valuation, ownership and existence of investments and the allocation of capital and revenue items. Revenue recognition and management override of controls are always deemed risks in any audit. This is not a complete list of all risks identified by our audit. Valuation, ownership and existence of investments The Company's investment portfolio is one of the key drivers of its results, of which 100% is represented by quoted investments. The investments are not considered to be at a high risk of material misstatement, or to be subject to a significant level of judgement, because they comprise liquid, quoted investments for which evidence of the market price is readily available. 26 | Athelney Trust plc | Annual Report 2022 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATHELNEY TRUST PLC Continued However, due to their materiality in the context of the financial statements as a whole, they are considered to be a significant risk area. Our audit work included, but was not restricted to, consideration of the design and implementation of controls over the pricing of quoted investments and agreeing 100% of investment prices to independent sources. We considered the appropriateness of the use of the quoted bid price by reviewing the liquidity of the market of the quoted investments held. We also confirmed investment holdings to third party custodian confirmations. Key observations Our testing did not identify any material misstatements in the valuation of the Company's investment portfolio as at the year end. Allocation of costs between capital and revenue The Company allocates expenditure between revenue and capital on the basis of the Board's expected long-term capital and revenue returns. The allocation is important as it affects distributable reserves. Our audit work included, but was not restricted to, a detailed review of the actual dividend and capital income received in the past nine years compared to the Board's expected long-term capital and revenue returns. The Company's accounting policy on this allocation is included in note 1 to the financial statements. Key observations Our testing did not identify any material misstatements in the allocation of costs between capital and revenue as at the year end. Management override of financial controls The risk of management override is always considered a significant audit risk but is particularly relevant for the Company due to the size of the organisation structure. Our audit work included, but was not restricted to: a review of all significant management estimates and judgements applied during the completion of the financial statements. We also reviewed material journal entries processed by management during the period. The Company's principal accounting policies are described note 1 to the financial statements. Key observations Our testing did not identify any management override of financial controls that will materially misstate the financial statements. Revenue recognition There is always a presumed risk that revenue may be misstated due to the improper and/or incomplete recognition of revenue. In particular we identified completeness and occurrence of investment income as a risk that requires particular audit attention. Our audit work included, but was not restricted to: obtaining an understanding of management's process to recognise revenue in accordance with the stated accounting policy; checking on a sample basis income transactions by comparing dividends during the year obtained from an independent source with those recognised by the Company; checking on a sample basis gains and losses on investments to third party contracts; and checking transactions close to the financial year end date on a sample basis, to ensure that they have been allocated to the correct accounting period. Key observations Our testing did not identify any material misstatements in revenue recognition. Investment trust status In order to remain tax exempt the criteria of an investment trust must be met. This includes a 15% limit on retention of income after dividends and revenue expenses and a minimum of 35% of its shares must be owned by the general public and traded on a recognised stock exchange. Our audit work included, but was not restricted to: reviewing calculations to ensure that no more than 15% of income was retained after dividends and revenue expenditure; reviewing the shareholder' register to ensure that at least 35% of the share were not held by a related party; and obtaining an Audit Representation Letter from the Company's directors confirming that they complied with the applicable rules. Key observations Our testing did not identify any breaches in the criteria stated above. Our application of materiality We apply the concept of materiality in planning and performing our audit, in evaluating the effect of any identified misstatements and in forming our opinion. For the purpose of determining whether the financial statements are free from material misstatement, we define materiality as the magnitude of a misstatement or an omission from the financial statements or related disclosures that would make it probable that the judgement of a reasonable person, relying on the information would have been changed or influenced by the misstatement or omission. We also determine a level of performance materiality, which we use to determine the extent of testing needed, to reduce to an appropriately low-level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole. We established materiality for the financial statements as a whole to be £95,000, which is 2% of the value of the Company's net assets. For income and expenditure items we determined that misstatements of lesser amounts than materiality for the financial statements as a whole would make it probable that the judgement of a reasonable person, relying on the information would have been changed or influenced by the misstatement or omission. Accordingly, we established materiality for revenue items within the income statement to be £37,000, which is 25% of the Company's net revenue return on ordinary activities before taxation. Statement on application of materiality to audit CY_PERIOD We apply the conce...s before taxation. Other information The Directors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 27 | Athelney Trust plc | Annual Report 2022 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATHELNEY TRUST PLC Continued In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. In this context, we also have nothing to report in regard to our responsibility to specifically address the following items in the other information and to report as uncorrected material misstatements of the other information where we conclude that those items meet the following conditions: • Fair, balanced and understandable, set out on page 15 - the statement given by the Directors that they consider the annual report and financial statements taken as a whole is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy, is materially inconsistent with our knowledge obtained in the audit; or • Audit committee reporting, set out on pages 17 to 18 - the section describing the work of the audit committee does not appropriately address matters communicated by us to the audit committee; or • Directors' statement of compliance with the UK Corporate Governance Code, set out on page 16 - the parts of the Directors' statement required under the Listing Rules relating to the Company's compliance with the UK Corporate Governance Code containing provisions specified for review by the auditors in accordance with Listing Rule 9.8.10R (2) do not properly disclose a departure from a relevant provision of the UK Corporate Governance Code. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • the part of the Directors' Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006; • the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements and those reports have been prepared in accordance with applicable legal requirements; • the information about internal control and risk management systems in relation to financial reporting processes and about share capital structures, given in compliance with rules 7.2.5 and 7.2.6 in the Disclosure Rules and Transparency Rules sourcebook made by the Financial Conduct Authority (the FCA Rules), is consistent with the financial statements and has been prepared in accordance with applicable legal requirements; and • information about the Company's corporate governance code and practices and about its administrative, management and supervisory bodies and their committees complies with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in: • the Strategic Report or the Directors' Report; or • the information about internal control and risk management systems in relation to financial reporting processes and about share capital structures, given in compliance with rules 7.2.5 and 7.2.6 of the FCA Rules. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the financial statements and the part of the Directors' Remuneration Report to be audited are not in agreement with the accounting records and returns; or • certain disclosures of Directors' remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit; or • a corporate governance statement has not been prepared by the Company. Statement on matters on which auditor reports by exception CY_PERIOD In the light of th...ed by the Company. Corporate governance statement The Listing Rules require us to review the directors' statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Company's compliance with the provisions of the UK Corporate Governance Statement specified for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit: • the disclosures in the annual report set out on pages 14 to 15 that describe the principal risks and explain how they are being managed or mitigated; 28 | Athelney Trust plc | Annual Report 2022 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATHELNEY TRUST PLC Continued • the Directors' confirmation set out on page 14 in the annual report that they have carried out a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity; • the Directors' statement set out on page 21 in the financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements and the Directors' identification of any material uncertainties to the Company's ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements; • whether the Directors' statement relating to going concern required under the Listing Rules in accordance with Listing Rule 9.8.6R(3) is materially inconsistent with our knowledge obtained in the audit; or • the Directors' explanation set out on page 21 in the annual report as to how they have assessed the prospects of the Company, over what period they have done so and why they consider that period to be appropriate, and their statement as to whether they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions. Responsibilities of Directors As explained more fully in the Statement of Directors' responsibilities (set out on pages 22), the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The audit evidence available in relation to the investment portfolio and associated returns are publicly available and considered to be strong sources of audit evidence. Ownership of investments has been verified by reference to this information. The nature of the Company's activities means that overheads are generally consistent and predictable and where unexpected variances occur, adequate evidence is available. Our audit work, which utilises the above audit evidence along with the audit procedures outlined in our description of our approach to the audit above, provides us with a reasonable assurance that our audit procedures will detect irregularities, including fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor's report. Use of our report This report is made solely to the Company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law. We do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Ryan Hancock Name of senior statutory auditor CY_PERIOD Ryan Hancock FCCA (Senior Statutory Auditor) for and on behalf of Hazlewoods LLP Statutory Auditor, Cheltenham Name or location of office performing audit CY_PERIOD Cheltenham . 13 February 2023 Date of auditor's report CY_END 13/02/2023 29 | Athelney Trust plc | Annual Report 2022 Income Statement For the Year Ended 31 December 2022 2022 2021 Note Revenue Capital Total Revenue Capital Total £ £ £ £ £ £ (Losses)/gains on investments held at fair value 8 - Financial instruments net gain (loss), before tax CY_PERIOD_CONTINUING Continuing operations GBP 0.00 Credit (1,787,296) (1,787,296) - Financial instruments net gain (loss), before tax PY_PERIOD_CONTINUING Continuing operations GBP 0.00 Credit 1,359,219 1,359,219 Income from investments 2 183,273 Income from other fixed asset investments CY_PERIOD_CONTINUING Continuing operations GBP 183,273.00 Credit - 183,273 186,393 Income from other fixed asset investments PY_PERIOD_CONTINUING Continuing operations GBP 186,393.00 Credit - 186,393 Investment management expenses 3 (4,008 Management fee expenses CY_PERIOD_CONTINUING Continuing operations GBP 4,008.00 Debit ) (36,327) (40,335) (4,488 Management fee expenses PY_PERIOD_CONTINUING Continuing operations GBP 4,488.00 Debit ) (40,692) (45,180) Other expenses 3 (30,734 Other operating expenses, format 1 CY_PERIOD_CONTINUING Continuing operations GBP 30,734.00 Debit ) (78,720) (109,454) (30,645 Other operating expenses, format 1 PY_PERIOD_CONTINUING Continuing operations GBP 30,645.00 Debit ) (72,964) (103,609) Net return on ordinary activities before taxation 148,531 Profit (loss) on ordinary activities before tax CY_PERIOD_CONTINUING Continuing operations GBP 148,531.00 Credit (1,902,343) (1,753,812) 151,260 Profit (loss) on ordinary activities before tax PY_PERIOD_CONTINUING Continuing operations GBP 151,260.00 Credit 1,245,563 1,396,823 Taxation 5 - Tax (tax credit) on profit or loss on ordinary activities CY_PERIOD_CONTINUING Continuing operations GBP 0.00 Debit - - - Tax (tax credit) on profit or loss on ordinary activities PY_PERIOD_CONTINUING Continuing operations GBP 0.00 Debit - - Net return (negative return) on ordinary activities after taxation 6 148,531 Profit (loss) on ordinary activities after tax CY_PERIOD_CONTINUING Continuing operations GBP 148,531.00 Credit (1,902,343) (1,753,812) 151,260 Profit (loss) on ordinary activities after tax PY_PERIOD_CONTINUING Continuing operations GBP 151,260.00 Credit 1,245,563 1,396,823 Net return per ordinary share 6 6.9p (88.2p) (81.3p) 7.0p 57.7p 64.7p Dividend per ordinary share paid during the year 7 9.6 Dividend per share CY_PERIOD_ALL_ORDINARY All ordinary shares GBP 0.096 p 9.7 Dividend per share PY_PERIOD_ALL_ORDINARY All ordinary shares GBP 0.097 p All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. The total column of this statement is the Statement of Total Comprehensive Income of the Company prepared in accordance with applicable Financial Reporting Standards ("FRS"). The supplementary revenue return and capital return columns are prepared in accordance with the Statement of Recommended Practice ("AIC SORP") issued in April 2021 by the Association of Investment Companies. Income statement free-text comment CY_PERIOD The total column o...estment Companies. The notes on pages 34 to 38 form part of these financial statements. 30 | Athelney Trust plc | Annual Report 2022 Statement of Changes in Equity For the Year Ended 31 December 2022 Called-up Capital Capital Total Share Share reserve reserve Revenue Shareholders' Capital Premium realised unrealised reserve Funds £ £ £ £ £ £ Balance brought forward at 1 January 2021 539,470 Equity PPY_END_SHARE_CAPITAL Share capital GBP 539,470.00 Credit 881,087 Equity PPY_END_SHARE_PREMIUM Share premium GBP 881,087.00 Credit 2,030,550 Equity PPY_END_CAPITAL_RESERVE Capital reserve GBP 2,030,550.00 Credit 1,727,408 Equity PPY_END_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 1,727,408.00 Credit 329,506 Equity PPY_END_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 329,506.00 Credit 5,508,021 Equity PPY_END GBP 5,508,021.00 Credit Net profits on realisation of investments - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_SHARE_CAPITAL_FURTHER1 Share capital GBP 0.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_SHARE_PREMIUM_FURTHER1 Share premium GBP 0.00 Credit 354,843 Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_CAPITAL_RESERVE_FURTHER1 Capital reserve GBP 354,843.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_CAPITAL_RESERVE_UNREALISED_FURTHER1 Other miscellaneous reserve GBP 0.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_RETAINED_EARNING_FURTHER1 Retained earnings (Accumulated losses) GBP 0.00 Credit 354,843 Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_FURTHER1 GBP 354,843.00 Credit Increase in unrealised Appreciation - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_SHARE_CAPITAL_FURTHER2 Share capital GBP 0.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_SHARE_PREMIUM_FURTHER2 Share premium GBP 0.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_CAPITAL_RESERVE_FURTHER2 Capital reserve GBP 0.00 Credit 1,004,376 Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_CAPITAL_RESERVE_UNREALISED_FURTHER2 Other miscellaneous reserve GBP 1,004,376.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_RETAINED_EARNING_FURTHER2 Retained earnings (Accumulated losses) GBP 0.00 Credit 1,004,376 Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] PY_PERIOD_FURTHER2 GBP 1,004,376.00 Credit Expenses allocated to Capital - Other expense recognised in equity, net of tax PY_PERIOD_SHARE_CAPITAL Share capital GBP 0.00 Debit - Other expense recognised in equity, net of tax PY_PERIOD_SHARE_PREMIUM Share premium GBP 0.00 Debit (113,656 Other expense recognised in equity, net of tax PY_PERIOD_CAPITAL_RESERVE Capital reserve GBP 113,656.00 Debit ) - Other expense recognised in equity, net of tax PY_PERIOD_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 0.00 Debit - Other expense recognised in equity, net of tax PY_PERIOD_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 0.00 Debit (113,656 Other expense recognised in equity, net of tax PY_PERIOD GBP 113,656.00 Debit ) Profit for the year - Profit (loss) PY_PERIOD_SHARE_CAPITAL Share capital GBP 0.00 Credit - Profit (loss) PY_PERIOD_SHARE_PREMIUM Share premium GBP 0.00 Credit - Profit (loss) PY_PERIOD_CAPITAL_RESERVE Capital reserve GBP 0.00 Credit - Profit (loss) PY_PERIOD_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 0.00 Credit 151,260 Profit (loss) PY_PERIOD_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 151,260.00 Credit 151,260 Profit (loss) PY_PERIOD GBP 151,260.00 Credit Dividend paid in year - Dividends paid PY_PERIOD_SHARE_CAPITAL Share capital GBP 0.00 Debit - Dividends paid PY_PERIOD_SHARE_PREMIUM Share premium GBP 0.00 Debit - Dividends paid PY_PERIOD_CAPITAL_RESERVE Capital reserve GBP 0.00 Debit - Dividends paid PY_PERIOD_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 0.00 Debit (209,314 Dividends paid PY_PERIOD_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 209,314.00 Debit ) (209,314 Dividends paid PY_PERIOD GBP 209,314.00 Debit ) Shareholders' Funds at 31 December 2021 539,470 Equity PY_END_SHARE_CAPITAL Share capital GBP 539,470.00 Credit 881,087 Equity PY_END_SHARE_PREMIUM Share premium GBP 881,087.00 Credit 2,271,737 Equity PY_END_CAPITAL_RESERVE Capital reserve GBP 2,271,737.00 Credit 2,731,784 Equity PY_END_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 2,731,784.00 Credit 271,452 Equity PY_END_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 271,452.00 Credit 6,695,530 Equity PY_END GBP 6,695,530.00 Credit Balance brought forward at 01 January 2022 Start date for period covered by report CY_END 01/01/2022 539,470 Equity PY_END_SHARE_CAPITAL Share capital GBP 539,470.00 Credit 881,087 Equity PY_END_SHARE_PREMIUM Share premium GBP 881,087.00 Credit 2,271,737 Equity PY_END_CAPITAL_RESERVE Capital reserve GBP 2,271,737.00 Credit 2,731,784 Equity PY_END_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 2,731,784.00 Credit 271,452 Equity PY_END_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 271,452.00 Credit 6,695,530 Equity PY_END GBP 6,695,530.00 Credit Net profits on realisation of investments - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_SHARE_CAPITAL_FURTHER1 Share capital GBP 0.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_SHARE_PREMIUM_FURTHER1 Share premium GBP 0.00 Credit 382,704 Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_CAPITAL_RESERVE_FURTHER1 Capital reserve GBP 382,704.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_CAPITAL_RESERVE_UNREALISED_FURTHER1 Other miscellaneous reserve GBP 0.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_RETAINED_EARNING_FURTHER1 Retained earnings (Accumulated losses) GBP 0.00 Credit 382,704 Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_FURTHER1 GBP 382,704.00 Credit Decrease in unrealised Appreciation - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_SHARE_CAPITAL_FURTHER2 Share capital GBP 0.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_SHARE_PREMIUM_FURTHER2 Share premium GBP 0.00 Credit - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_CAPITAL_RESERVE_FURTHER2 Capital reserve GBP 0.00 Credit (2,170,000 Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_CAPITAL_RESERVE_UNREALISED_FURTHER2 Other miscellaneous reserve GBP -2,170,000.00 Credit ) - Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_RETAINED_EARNING_FURTHER2 Retained earnings (Accumulated losses) GBP 0.00 Credit (2,170,000 Further item of increase (decrease) in equity from share capital changes and dividend payments [component of total increase (decrease) in equity from share capital changes and dividend payments] CY_PERIOD_FURTHER2 GBP -2,170,000.00 Credit ) Expenses allocated to Capital - Other expense recognised in equity, net of tax CY_PERIOD_SHARE_CAPITAL Share capital GBP 0.00 Debit - Other expense recognised in equity, net of tax CY_PERIOD_SHARE_PREMIUM Share premium GBP 0.00 Debit (115,047 Other expense recognised in equity, net of tax CY_PERIOD_CAPITAL_RESERVE Capital reserve GBP 115,047.00 Debit ) - Other expense recognised in equity, net of tax CY_PERIOD_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 0.00 Debit - Other expense recognised in equity, net of tax CY_PERIOD_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 0.00 Debit (115,047 Other expense recognised in equity, net of tax CY_PERIOD GBP 115,047.00 Debit ) Profit for the year - Profit (loss) CY_PERIOD_SHARE_CAPITAL Share capital GBP 0.00 Credit - Profit (loss) CY_PERIOD_SHARE_PREMIUM Share premium GBP 0.00 Credit - Profit (loss) CY_PERIOD_CAPITAL_RESERVE Capital reserve GBP 0.00 Credit - Profit (loss) CY_PERIOD_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 0.00 Credit 148,531 Profit (loss) CY_PERIOD_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 148,531.00 Credit 148,531 Profit (loss) CY_PERIOD GBP 148,531.00 Credit Dividend paid in year - Dividends paid CY_PERIOD_SHARE_CAPITAL Share capital GBP 0.00 Debit - Dividends paid CY_PERIOD_SHARE_PREMIUM Share premium GBP 0.00 Debit - Dividends paid CY_PERIOD_CAPITAL_RESERVE Capital reserve GBP 0.00 Debit - Dividends paid CY_PERIOD_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 0.00 Debit (207,156 Dividends paid CY_PERIOD_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 207,156.00 Debit ) (207,156 Dividends paid CY_PERIOD GBP 207,156.00 Debit ) Shareholders' Funds at 31 December 2022 539,470 Equity CY_END_SHARE_CAPITAL Share capital GBP 539,470.00 Credit 881,087 Equity CY_END_SHARE_PREMIUM Share premium GBP 881,087.00 Credit 2,539,394 Equity CY_END_CAPITAL_RESERVE Capital reserve GBP 2,539,394.00 Credit 561,784 Equity CY_END_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 561,784.00 Credit 212,827 Equity CY_END_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 212,827.00 Credit 4,734,562 Equity CY_END GBP 4,734,562.00 Credit The notes on pages 34 to 38 form part of these financial statements. 31 | Athelney Trust plc | Annual Report 2022 Statement of Financial Position As at 31 December 2022 Balance sheet date CY_END 31/12/2022 Company Number: 02933559 Note 2022 2021 £ £ Fixed assets Investments held at fair value through profit and loss 8 4,180,985 Investments, fixed assets CY_END GBP 4,180,985.00 Debit 6,436,820 Investments, fixed assets PY_END GBP 6,436,820.00 Debit Current assets Debtors 9 543,301 Debtors CY_END GBP 543,301.00 Debit 245,163 Debtors PY_END GBP 245,163.00 Debit Cash at bank and in hand 27,361 Cash at bank and on hand CY_END GBP 27,361.00 Debit 30,676 Cash at bank and on hand PY_END GBP 30,676.00 Debit 570,662 Current assets CY_END GBP 570,662.00 Debit 275,839 Current assets PY_END GBP 275,839.00 Debit Creditors: amounts falling due within one year 10 (17,085 Creditors CY_END_WITHIN_1YEAR Within one year GBP 17,085.00 Credit ) (17,129 Creditors PY_END_WITHIN_1YEAR Within one year GBP 17,129.00 Credit ) Net current assets 553,577 Net current assets (liabilities) CY_END GBP 553,577.00 Debit 258,710 Net current assets (liabilities) PY_END GBP 258,710.00 Debit Total assets less current liabilities 4,734,562 Total assets less current liabilities CY_END GBP 4,734,562.00 Debit 6,695,530 Total assets less current liabilities PY_END GBP 6,695,530.00 Debit Net assets 4,734,562 Net assets (liabilities) CY_END GBP 4,734,562.00 Debit 6,695,530 Net assets (liabilities) PY_END GBP 6,695,530.00 Debit Capital and reserves Called up share capital 11 539,470 Equity CY_END_SHARE_CAPITAL Share capital GBP 539,470.00 Credit 539,470 Equity PY_END_SHARE_CAPITAL Share capital GBP 539,470.00 Credit Share premium account 881,087 Equity CY_END_SHARE_PREMIUM Share premium GBP 881,087.00 Credit 881,087 Equity PY_END_SHARE_PREMIUM Share premium GBP 881,087.00 Credit Other reserves (non distributable) Capital reserve - realised 2,539,394 Equity CY_END_CAPITAL_RESERVE Capital reserve GBP 2,539,394.00 Credit 2,271,737 Equity PY_END_CAPITAL_RESERVE Capital reserve GBP 2,271,737.00 Credit Capital reserve - unrealised 561,784 Equity CY_END_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 561,784.00 Credit 2,731,784 Equity PY_END_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve GBP 2,731,784.00 Credit Revenue reserve (distributable) 212,827 Equity CY_END_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 212,827.00 Credit 271,452 Equity PY_END_RETAINED_EARNING Retained earnings (Accumulated losses) GBP 271,452.00 Credit Shareholders' funds - all equity 4,734,562 Equity CY_END GBP 4,734,562.00 Credit 6,695,530 Equity PY_END GBP 6,695,530.00 Credit Net Asset Value per share 13 219.4p 310.3p These financial statements were approved and authorised for issue by the Board of Directors Description of body authorising financial statements CY_PERIOD Board of Directors on 13 February 2023 Date of authorisation of financial statements for issue CY_END 13/02/2023 and signed on their behalf by Dr Manny Pohl AM Managing Director Director signing financial statements CY_PERIOD_DR1 Director 1 The notes on pages 34 to 38 form part of these financial statements. 32 | Athelney Trust plc | Annual Report 2022 Statement of Cash Flows For the Year Ended 31 December 2022 2022 2021 £ £ Cash flows used in operating activities Net revenue return 148,531 Profit (loss) CY_PERIOD GBP 148,531.00 Credit 151,260 Profit (loss) PY_PERIOD GBP 151,260.00 Credit Adjustment for: Expenses charged to capital (115,047) (113,656) (Decrease) in creditors (44 Gain (loss) in cash flows from change in creditors / trade and other payables CY_PERIOD GBP -44.00 Debit ) (248 Gain (loss) in cash flows from change in creditors / trade and other payables PY_PERIOD GBP -248.00 Debit ) (Increase)/decrease in debtors (298,138 Gain (loss) in cash flows from change in debtors / trade and other receivables CY_PERIOD GBP -298,138.00 Debit ) (103,027 Gain (loss) in cash flows from change in debtors / trade and other receivables PY_PERIOD GBP -103,027.00 Debit ) Cash used in operations (264,698 Net cash flows from (used in) operating activities CY_PERIOD GBP -264,698.00 Debit ) (65,671 Net cash flows from (used in) operating activities PY_PERIOD GBP -65,671.00 Debit ) Cash flows from investing activities Purchase of investments (1,003,583 Purchase of other long-term assets, classified as investing activities CY_PERIOD GBP 1,003,583.00 Credit ) (545,379 Purchase of other long-term assets, classified as investing activities PY_PERIOD GBP 545,379.00 Credit ) Proceeds from sales of investments 1,472,122 Proceeds from sales of other long-term assets, classified as investing activities CY_PERIOD GBP 1,472,122.00 Debit 778,439 Proceeds from sales of other long-term assets, classified as investing activities PY_PERIOD GBP 778,439.00 Debit Net cash received from investing activities 468,539 Net cash flows from (used in) investing activities CY_PERIOD GBP 468,539.00 Debit 233,060 Net cash flows from (used in) investing activities PY_PERIOD GBP 233,060.00 Debit Equity dividends paid (207,156 Dividends paid, classified as financing activities CY_PERIOD GBP 207,156.00 Credit ) (209,314 Dividends paid, classified as financing activities PY_PERIOD GBP 209,314.00 Credit ) Net decrease in cash (3,315 Increase (decrease) in cash and cash equivalents after foreign exchange differences and changes in consolidation CY_PERIOD GBP -3,315.00 Debit ) (41,925 Increase (decrease) in cash and cash equivalents after foreign exchange differences and changes in consolidation PY_PERIOD GBP -41,925.00 Debit ) Cash at the beginning of the year 30,676 Cash and cash equivalents, cash flow value PY_END GBP 30,676.00 Debit 72,601 Cash and cash equivalents, cash flow value PPY_END GBP 72,601.00 Debit Cash at the end of the year 27,361 Cash and cash equivalents, cash flow value CY_END GBP 27,361.00 Debit 30,676 Cash and cash equivalents, cash flow value PY_END GBP 30,676.00 Debit As the company does not have any loans, overdrafts or hire purchase arrangements, net debt is equal to cash and therefore no reconciliation of net debt has been disclosed. Cash flow statement free-text comment CY_PERIOD As the company doe...as been disclosed. The notes on pages 34 to 38 form part of these financial statements. 33 | Athelney Trust plc | Annual Report 2022 Notes to the Financial Statements For the Year Ended 31 December 2022 1. Accounting Policies 1.1 Statement of Compliance and Basis of Preparation of Financial Statements The financial statements are prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 ("FRS 102"), the Companies Act 2006 and with the AIC Statement of Recommended Practice ("SORP") issued in April 2021, regarding the Financial Statements of Investment Trust Companies and Venture Capital Trusts. All the Company's activities are continuing. Statement of compliance with applicable reporting framework CY_PERIOD The financial stat...es are continuing. The presentation currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest pound. Functional and presentation currency policy CY_PERIOD The presentation c...the nearest pound. 1.2 Income Income from investments including taxes deducted at source is recognised when the right to the return is established (normally the ex-dividend date). UK dividend income is reported net of tax credits in accordance with FRS 102 "Income Tax". Interest is dealt with on an accruals basis. Revenue recognition policy CY_PERIOD Income from invest...an accruals basis. 1.3 Investment Management Expenses Title of other specific accounting policy CY_PERIOD_MGMT Investment Management Expenses All three Directors are involved in investment management, 10% of their salaries or fees have been charged to revenue and the other 90% to capital. All other investment management expenses have been charged to capital. The Board propose continuing this basis for future years. Content of other specific accounting policy CY_PERIOD_MGMT All three Director... for future years. 1.4 Other Expenses Title of other specific accounting policy CY_PERIOD_EXPENSES Other Expenses Expenses (including VAT) and interest payable are dealt with on an accruals basis and charged through the Revenue and Capital Accounts in an allocation that the Board consider to be a fair distribution of the costs incurred. Content of other specific accounting policy CY_PERIOD_EXPENSES Expenses (includin...he costs incurred. 1.5 Investments Title of other specific accounting policy CY_PERIOD_INVEST Investments Listed investments comprise those listed on the Official List of the London Stock Exchange. Unlisted investments are traded on AIM and Fledgling. Profits or losses on sales of investments are taken to realised capital reserve. Any unrealised appreciation or depreciation is taken to unrealised capital reserve. Investments have been classified as "fair value through profit and loss" upon initial recognition. Subsequent to initial recognition, investments are measured at fair value with changes in fair value recognised in the Income Statement. Securities of companies quoted on a recognised stock exchange are valued by reference to their quoted bid prices at the close of the year, similarly, AIM-traded investments are valued using the closing bid price on 31 December. Content of other specific accounting policy CY_PERIOD_INVEST Listed investments...ce on 31 December. 1.6 Taxation The tax effect of different items of income and expenses is allocated between capital and revenue on the same basis as the particular item to which it relates, using the Company's effective rate of tax for the year. Tax policy CY_PERIOD The tax effect of ... tax for the year. 1.7 Judgements and estimates The Directors confirm that no judgements or significant estimates have been made in the process of applying the Company's accounting policies. General description of critical estimates and judgements CY_PERIOD The Directors conf...counting policies. 1.8 Deferred Taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Deferred tax liabilities are recognised for all taxable timing differences but deferred tax assets are only recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted. Deferred tax policy CY_PERIOD Deferred tax is re...re not discounted. 1.9 Capital Reserves Capital Reserve - Realised Gains and losses on realisation of fixed asset investments are dealt with in this reserve. Equity reserve policy CY_PERIOD_CAPITAL_RESERVE Capital reserve Gains and losses o...h in this reserve. Capital Reserve - Unrealised Increases and decreases in the valuations of fixed asset investments are dealt with in this reserve. Unrealised capital reserves cannot be distributed by way of dividends or similar. Equity reserve policy CY_PERIOD_CAPITAL_RESERVE_UNREALISED Other miscellaneous reserve Increases and decr...idends or similar. 1.10 Dividends In accordance with FRS 102 "Events after the end of the Reporting Period", dividends are included in the financial statements in the year in which they go ex-div. Dividend policy CY_PERIOD In accordance with...ch they go ex-div. 1.11 Share Issue Expenses Title of other specific accounting policy CY_PERIOD_SHARE_ISSUE Share Issue Expenses The costs associated with issuing shares are written off against any premium arising on the issue of Share Capital. Content of other specific accounting policy CY_PERIOD_SHARE_ISSUE The costs associat... of Share Capital. 1.12 Financial Instruments Short term debtors and creditors are held at cost. Financial instruments recognition and measurement policy CY_PERIOD Short term debtors... are held at cost. 34 | Athelney Trust plc | Annual Report 2022 Notes to the Financial Statements For the Year Ended 31 December 2022 (continued) 2. Income Income from investments 2022 2021 £ £ UK dividend income 108,179 Dividend income CY_PERIOD_UK United Kingdom GBP 108,179.00 Credit 117,516 Dividend income PY_PERIOD_UK United Kingdom GBP 117,516.00 Credit Foreign dividend income 3,760 Dividend income CY_PERIOD_FI Rest of world, outside UK GBP 3,760.00 Credit 11,752 Dividend income PY_PERIOD_FI Rest of world, outside UK GBP 11,752.00 Credit UK Property REITs 71,308 Other remaining operating income CY_PERIOD GBP 71,308.00 Credit 57,078 Other remaining operating income PY_PERIOD GBP 57,078.00 Credit Bank interest 26 Interest income on bank deposits CY_PERIOD GBP 26.00 Credit 47 Interest income on bank deposits PY_PERIOD GBP 47.00 Credit Total income 183,273 Income from other fixed asset investments CY_PERIOD GBP 183,273.00 Credit 186,393 Income from other fixed asset investments PY_PERIOD GBP 186,393.00 Credit UK dividend income 2022 2021 £ £ UK Main Market listed investments 79,926 74,775 UK AIM-traded shares 28,253 42,741 108,179 Dividend income CY_PERIOD_UK United Kingdom GBP 108,179.00 Credit 117,516 Dividend income PY_PERIOD_UK United Kingdom GBP 117,516.00 Credit 3. Return on Ordinary Activities before Taxation The following amounts (inclusive of VAT) are included within investment management and other expenses: 2022 2021 £ £ Directors' remuneration: Services as a director 21,000 Fees, directors CY_PERIOD GBP 21,000.00 Debit 21,000 Fees, directors PY_PERIOD GBP 21,000.00 Debit Otherwise in connection with 40,077 Salaries, directors CY_PERIOD GBP 40,077.00 Debit 44,877 Salaries, directors PY_PERIOD GBP 44,877.00 Debit management Auditor's remuneration: Audit Services - Statutory audit 11,984 Audit fees and expenses CY_PERIOD GBP 11,984.00 Debit 11,964 Audit fees and expenses PY_PERIOD GBP 11,964.00 Debit Miscellaneous expenses: Other wages and salaries - Wages and salaries CY_PERIOD GBP 0.00 Debit - Wages and salaries PY_PERIOD GBP 0.00 Debit Management services 32,472 Further operating expense item [component of total operating expenses] CY_PERIOD_FURTHER1 GBP 32,472.00 Debit 32,472 Further operating expense item [component of total operating expenses] PY_PERIOD_FURTHER1 GBP 32,472.00 Debit PR and communications 6,687 Further operating expense item [component of total operating expenses] CY_PERIOD_FURTHER2 GBP 6,687.00 Debit 4,101 Further operating expense item [component of total operating expenses] PY_PERIOD_FURTHER2 GBP 4,101.00 Debit Stock exchange subscription 10,500 Further operating expense item [component of total operating expenses] CY_PERIOD_FURTHER3 GBP 10,500.00 Debit 10,020 Further operating expense item [component of total operating expenses] PY_PERIOD_FURTHER3 GBP 10,020.00 Debit Sundry investment management and 23,276 Other remaining operating expense CY_PERIOD GBP 23,276.00 Debit 23,215 Other remaining operating expense PY_PERIOD GBP 23,215.00 Debit other expenses Legal fees 3,793 Legal fees CY_PERIOD GBP 3,793.00 Debit 1,140 Legal fees PY_PERIOD GBP 1,140.00 Debit 149,789 Other operating expenses, format 1 CY_PERIOD GBP 149,789.00 Debit 148,789 Other operating expenses, format 1 PY_PERIOD GBP 148,789.00 Debit 4. Employees and Directors' Remuneration 2022 2021 £ £ Costs in respect of Directors: Non-executive Directors' fees 21,000 Fees, directors CY_PERIOD_NON_EXECUTIVE Non-executive officer GBP 21,000.00 Debit 21,000 Fees, directors PY_PERIOD_NON_EXECUTIVE Non-executive officer GBP 21,000.00 Debit Wages and salaries 40,077 Salaries, directors CY_PERIOD GBP 40,077.00 Debit 44,877 Salaries, directors PY_PERIOD GBP 44,877.00 Debit 61,077 Director remuneration and benefits including payments to third parties CY_PERIOD GBP 61,077.00 Debit 65,877 Director remuneration and benefits including payments to third parties PY_PERIOD GBP 65,877.00 Debit Average number of employees: Chairman - Directors, total CY_PERIOD Pure 0.00 - Directors, total PY_PERIOD Pure 0.00 Investment 1 Other departments, average number of employees CY_PERIOD Pure 1.00 1 Other departments, average number of employees PY_PERIOD Pure 1.00 Administration - Administration and support, average number of employees CY_PERIOD Pure 0.00 - Administration and support, average number of employees PY_PERIOD Pure 0.00 1 Average number of employees during the period CY_PERIOD Pure 1.00 1 Average number of employees during the period PY_PERIOD Pure 1.00 5. Taxation (i) On the basis of these financial statements no provision has been made for corporation tax (2021: Nil). (ii) Factors affecting the tax charge for the year. The tax charge for the period is lower than (2021: higher than) the average small company rate of corporation tax in the UK of 19 per cent. The differences are explained below: 2022 2021 £ £ Total return on ordinary activities (1,753,812 Profit (loss) on ordinary activities before tax CY_PERIOD GBP -1,753,812.00 Credit ) 1,396,823 Profit (loss) on ordinary activities before tax PY_PERIOD GBP 1,396,823.00 Credit before tax Total return on ordinary activities multiplied by the average small company rate of corporation tax 19 Applicable tax rate CY_PERIOD Pure 0.19 % (2020: 19 Applicable tax rate PY_PERIOD Pure 0.19 %) (333,223 Tax expense (credit) at applicable tax rate CY_PERIOD GBP -333,223.00 Debit ) 265,396 Tax expense (credit) at applicable tax rate PY_PERIOD GBP 265,396.00 Debit Effects of: UK dividend income not taxable (20,739 Tax increase (decrease) from effect of dividends from companies CY_PERIOD GBP -20,739.00 Debit ) (22,328 Tax increase (decrease) from effect of dividends from companies PY_PERIOD GBP -22,328.00 Debit ) Revaluation of shares not taxable 412,299 Further item of tax increase (decrease) [component of adjusting items] CY_PERIOD_FURTHER1 GBP -412,299.00 Debit (190,831 Further item of tax increase (decrease) [component of adjusting items] PY_PERIOD_FURTHER1 GBP -190,831.00 Debit ) Capital gains not taxable (72,714 Tax increase (decrease) from effect of indexation allowance on capital gains CY_PERIOD GBP -72,714.00 Debit ) (67,420 Tax increase (decrease) from effect of indexation allowance on capital gains PY_PERIOD GBP -67,420.00 Debit ) Unrelieved management expenses 14,377 Tax increase (decrease) from other tax effects, tax reconciliation CY_PERIOD GBP 14,377.00 Debit 15,183 Tax increase (decrease) from other tax effects, tax reconciliation PY_PERIOD GBP 15,183.00 Debit Current tax charge for the year - Tax (tax credit) on profit or loss on ordinary activities CY_PERIOD GBP 0.00 Debit - Tax (tax credit) on profit or loss on ordinary activities PY_PERIOD GBP 0.00 Debit The Company has unrelieved excess revenue management expenses of £671,156 at 31 December 2022 (2021: £595,482) and £102,597 (2021: £102,597) of capital losses for Corporation Tax purposes and which are available to be carried forward to future years. It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. Income tax free-text comment CY_PERIOD The Company has un...s been recognised. For the year ended 31 December 2021, the Company received approval from HM Revenue and Customs under Section 1158 of the Corporation Tax Act 2010, therefore the Company was not liable to Corporation Tax on any realised investment gains for 2021. The Directors intend to continue to meet the conditions required to obtain approval and therefore no deferred tax has been provided on any capital gains or losses arising on the revaluation or disposal of investments. Description of changes in applicable tax rates CY_PERIOD For the year ended...al of investments. 35 | Athelney Trust plc | Annual Report 2022 Notes to the Financial Statements For the Year Ended 31 December 2022 (continued) 6. Return per Ordinary Share The calculation of earnings per share has been performed in accordance with FRS 102. 2022 £ £ £ Revenue Capital Total Attributable return on ordinary activities after taxation 148,531 Profit (loss) on ordinary activities after tax CY_PERIOD GBP 148,531.00 Credit (1,902,343) (1,753,812) Weighted average number of shares 2,157,881 Weighted average number of shares, basic CY_PERIOD Shares 2,157,881.00 Return per ordinary share 6.9p (88.2p) (81.3p) 2021 £ £ £ Revenue Capital Total Attributable return on ordinary activities after taxation 151,260 Profit (loss) on ordinary activities after tax PY_PERIOD GBP 151,260.00 Credit 1,245,563 1,396,823 Weighted average number of shares 2,157,881 Weighted average number of shares, basic CY_PERIOD Shares 2,157,881.00 Return per ordinary share 7.0p 57.7p 64.7p 7. Dividend 2022 2021 £ £ Final dividend in respect of 2021 of 7.5 Dividend per share, final CY_PERIOD GBP 0.075 p (2021: a final dividend of 7.7 Dividend per share, final PY_PERIOD GBP 0.077 p was paid in respect of 2020) per share 161,841 Dividends paid on shares, final CY_PERIOD GBP 161,841.00 166,157 Dividends paid on shares, final PY_PERIOD GBP 166,157.00 Interim dividend in respect of 2022 of 2.1 Dividend per share, interim CY_PERIOD GBP 0.021 p (2021: an interim dividend of 2.0 Dividend per share, interim PY_PERIOD GBP 0.020 p was paid in respect of 2021) per share 45,315 Dividends paid on shares, interim CY_PERIOD GBP 45,315.00 43,157 Dividends paid on shares, interim PY_PERIOD GBP 43,157.00 207,156 Dividends paid on shares CY_PERIOD GBP 207,156.00 209,314 Dividends paid on shares PY_PERIOD GBP 209,314.00 Set out below is the total dividend payable in respect of the financial year, which is the basis on which the requirements of Section 1158 of the Corporation Tax Act 2010 are considered. It is recommended that a final dividend of 7.5p (2021: 7.50p) per ordinary share be paid out of revenue profits amounting to a total of £161,841. An interim dividend of 2.1p per ordinary share was paid on 23 September 2022 amounting to £45,315 making the total dividend payable in the year £207,156. For the year 2021, a final dividend of 7.5p was paid on 13 April 2022 amounting to a total of £161,841. An interim dividend of 2p per ordinary share was paid on 24 September 2021 amounting to £43,157 making the total dividend paid in the year £209,314. Dividends free-text comment CY_PERIOD Set out below is t...the year £209,314. Summary of dividends paid for the last 10 financial years Ex-div date Dividend Amount Financial Type Year 6/04/2023 Proposed 7.5p 2022 08/09/2022 Interim 2.1p 2022 10/3/2022 Final 7.5p 2021 09/9/2021 Interim 2.0p 2021 11/3/2021 Final 7.7p 2020 10/9/2020 Interim 1.7p 2020 19/3/2020 Final 9.3p 2019 20/3/2019 Final 9.1p 2018 01/3/2018 Final 8.9p 2017 09/3/2017 Final 8.6p 2016 17/3/2016 Final 7.9p 2015 19/3/2015 Final 6.7p 2014 19/3/2014 Final 5.5p 2013 20/3/2013 Final 5.0p 2012 2022 2021 £ £ Revenue available for distribution 148,531 Profit (loss) CY_PERIOD GBP 148,531.00 Credit 151,260 Profit (loss) PY_PERIOD GBP 151,260.00 Credit Interim dividend paid (45,315 Dividends paid on shares, interim CY_PERIOD GBP 45,315.00 ) (43,157 Dividends paid on shares, interim PY_PERIOD GBP 43,157.00 ) Final dividend in respect of financial year end (161,841 Dividends paid on shares, final CY_PERIOD GBP 161,841.00 ) (161,841) Undistributed revenue reserves (58,625) (53,738) 8. Investments Movements in year 2022 2021 £ £ Valuation at beginning of year 6,436,820 Other investments other than loans PY_END GBP 6,436,820.00 Debit 5,310,661 Other investments other than loans PPY_END GBP 5,310,661.00 Debit Purchases at cost 1,003,583 Other investments other than loans CY_END_PURCHASE Additions to investments GBP 1,003,583.00 Debit 545,379 Other investments other than loans PY_END_PURCHASE Additions to investments GBP 545,379.00 Debit Sales - proceeds (1,472,122 Other investments other than loans CY_END_SALE Disposals / repayments of investments GBP -1,472,122.00 Debit ) (778,493 Other investments other than loans PY_END_SALE Disposals / repayments of investments GBP -778,493.00 Debit ) - realised gains on sales 382,704 Other investments other than loans CY_END_GAIN Other increase (decrease) in investments GBP 382,704.00 Debit 354,843 Other investments other than loans PY_END_GAIN Other increase (decrease) in investments GBP 354,843.00 Debit Increase/(decrease) in unrealised appreciation (2,170,000 Other investments other than loans CY_END_APPRECIATION Further specific increase (decrease) in investments 1 [component of total change in investments] GBP -2,170,000.00 Debit ) 1,004,376 Other investments other than loans PY_END_APPRECIATION Further specific increase (decrease) in investments 1 [component of total change in investments] GBP 1,004,376.00 Debit Valuation at end of year 4,180,985 Other investments other than loans CY_END GBP 4,180,985.00 Debit 6,436,820 Other investments other than loans PY_END GBP 6,436,820.00 Debit Book cost at end of year 3,619,201 Other investments other than loans CY_END_COST At cost / valuation GBP 3,619,201.00 Debit 3,705,034 Other investments other than loans PY_END_COST At cost / valuation GBP 3,705,034.00 Debit Unrealised appreciation at the end of the year 561,784 2,731,786 4,180,985 Other investments other than loans CY_END GBP 4,180,985.00 Debit 6,436,820 Other investments other than loans PY_END GBP 6,436,820.00 Debit UK Main Market listed investments 3,070,365 5,014,560 UK AIM-traded shares 1,110,620 1,422,260 4,180,985 Other investments other than loans CY_END GBP 4,180,985.00 Debit 6,436,820 Other investments other than loans PY_END GBP 6,436,820.00 Debit 36 | Athelney Trust plc | Annual Report 2022 Notes to the Financial Statements For the Year Ended 31 December 2022 (continued) Gains on investments 2022 2021 £ £ Realised gains on sales 382,704 354,843 Increase/(decrease) in unrealised appreciation (2,170,000) 1,004,376 (1,787,296) 1,359,219 The purchase costs and sales proceeds above include transaction costs of £ 3,515 Purchase transaction costs, investment funds CY_PERIOD GBP 3,515.00 Debit (2020: £ 7,910 Purchase transaction costs, investment funds PY_PERIOD GBP 7,910.00 Debit ) and £ 3,302 Sales transaction costs, investments funds CY_PERIOD GBP 3,302.00 Debit (2020: £ 5,056 Sales transaction costs, investments funds PY_PERIOD GBP 5,056.00 Debit ) respectively. 9. Debtors 2022 2021 £ £ Investment transaction debtors 513,597 Trade debtors / trade receivables CY_END GBP 513,597.00 Debit 236,912 Trade debtors / trade receivables PY_END GBP 236,912.00 Debit Other debtors 29,704 Other debtors CY_END GBP 29,704.00 Debit 8,251 Other debtors PY_END GBP 8,251.00 Debit 543,301 Debtors CY_END GBP 543,301.00 Debit 245,163 Debtors PY_END GBP 245,163.00 Debit 10. Creditors: amounts falling due within one year 2022 2021 £ £ Social security and other taxes 700 Other taxation and social security, payable CY_END_WITHIN_1YEAR Within one year GBP 700.00 Credit 719 Other taxation and social security, payable PY_END_WITHIN_1YEAR Within one year GBP 719.00 Credit Other creditors 2,850 Other creditors CY_END_WITHIN_1YEAR Within one year GBP 2,850.00 Credit 2,850 Other creditors PY_END_WITHIN_1YEAR Within one year GBP 2,850.00 Credit Accruals and deferred income 13,535 Accrued liabilities and deferred income CY_END_WITHIN_1YEAR Within one year GBP 13,535.00 Credit 13,560 Accrued liabilities and deferred income PY_END_WITHIN_1YEAR Within one year GBP 13,560.00 Credit 17,085 Creditors CY_END_WITHIN_1YEAR Within one year GBP 17,085.00 Credit 17,129 Creditors PY_END_WITHIN_1YEAR Within one year GBP 17,129.00 Credit 11. Called Up Share Capital 2022 2021 £ £ Authorised 10,000,000 Ordinary Shares of 25p 2,500,000 2,500,000 Allotted, called up and fully paid 2,157,881 Number of shares issued and fully paid CY_END_ALL_ORDINARY All ordinary shares Shares 2,157,881.00 Ordinary Shares Description of share type CY_PERIOD_ALL_ORDINARY All ordinary shares Ordinary Shares of 25 Par value of share CY_PERIOD_ALL_ORDINARY All ordinary shares GBP 0.25 p 539,470 Equity CY_END_SHARE_CAPITAL_ORDINARY Share capital, ordinary shares GBP 539,470.00 Credit 539,470 Equity PY_END_SHARE_CAPITAL_ORDINARY Share capital, ordinary shares GBP 539,470.00 Credit 12. Financial Instruments The Company's financial instruments comprise equity investments, cash balances and debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement. The major risks associated with the Company are market, credit and liquidity risk. The Company has established a framework for managing these risks. The Directors have guidelines for the management of investments and financial instruments. General description of financial instrument risk exposure and management, including any concentrations of risk CY_PERIOD The Company's...ncial instruments. Market Risk Market price risk arises mainly from uncertainty about future prices of financial investments used in the Company's business. It represents the potential loss the Company might suffer through holding market positions by way of price movements other than movements in exchange rates and interest rates. The Company's investment portfolio is exposed to market price fluctuations which are monitored by the Fund Manager who gives timely reports of relevant information to the Directors. Adherence to the investment objectives and the internal controls on investments set by the Company mitigates the risk of excessive exposure to any one particular type of security or issuer. The Company's exposure to other changes in market prices at 31 December on its investments is as follows: A 20% decrease in the market value of investments at 31 December 2022 would have decreased net assets attributable shareholders by 39 pence per share (2021: 60 pence per share). An increase of the same percentage would have an equal but opposite effect on net assets attributable to shareholders. Market risk also arises from changes in interest rates and exchange risk. All of the Company's assets are in sterling and accordingly the Company has limited currency exposure. The majority of the Company's financial assets are non-interest bearing, as a result, the Company's financial assets are not subject to significant risk due to fluctuations in the prevailing levels of market interest rates. The carrying amounts of financial assets best represent the maximum credit risk exposure at the balance sheet date. Bankruptcy or insolvency of the custodian may cause the Company's rights with respect to securities held with the custodian to be delayed. Liquidity Risk Liquidity Risk is the risk that the Company may have difficulty in meeting obligations associated with financial liabilities. The Company is able to reposition its investment portfolio when required so as to accommodate liquidity needs. However, it may be difficult to realise its investment portfolio in adverse market conditions. General description of liquidity risk exposure and management, including any concentrations of risk CY_PERIOD Liquidity Risk is ...market conditions. Maturity Analysis of Financial Liabilities The Company's financial liabilities consist of creditors as disclosed in note 10. All items are due within one year. Capital management policies and procedures The Company's capital management objectives are: • to ensure the Company's ability to continue as a going concern; • to provide an adequate return to shareholders; • to support the Company's stability and growth; • to provide capital for the purpose of further investments. 37 | Athelney Trust plc | Annual Report 2022 Notes to the Financial Statements For the Year Ended 31 December 2022 (continued) The Company actively and regularly reviews and manages its capital structure to ensure an optimal capital structure, taking into consideration the future capital requirements of the Company and capital efficiency, projected operating cash flows and projected strategic investment opportunities. The management regards capital as total equity and reserves, for capital management purposes. Fair values of financial assets and financial liabilities Fixed asset investments (see note 8) are valued at market bid price where available which equates to their fair values. The fair values of all other assets and liabilities are represented by their carrying values in the balance sheet. 2022 2021 £ £ Fair value through profit or loss investments 4,180,985 Investments CY_END_FV Fair value Financial assets at fair value through profit or loss GBP 4,180,985.00 Debit 6,436,820 Investments PY_END_FV Fair value Financial assets at fair value through profit or loss GBP 6,436,820.00 Debit Financial instruments by category The financial instruments of the Company fall into the following categories 31 December 2022 At Assets at Total Amortised fair value Cost through profit or loss Assets as per balance £ £ £ sheet Investments - Investments CY_END_AMOR Financial assets at amortised cost GBP 0.00 Debit 4,180,985 Investments CY_END_FVTPL Financial assets at fair value through profit or loss GBP 4,180,985.00 Debit 4,180,985 Investments CY_END GBP 4,180,985.00 Debit Debtors 543,301 Debtors CY_END_DR_AMOR Financial instruments at amortised cost GBP 543,301.00 Debit - Debtors CY_END_DR_FVTPL Financial instruments at fair value through profit or loss GBP 0.00 Debit 543,301 Debtors CY_END GBP 543,301.00 Debit Cash at bank 27,361 Balances with banks CY_END_AMOR Financial assets at amortised cost GBP 27,361.00 Debit - Balances with banks CY_END_FVTPL Financial assets at fair value through profit or loss GBP 0.00 Debit 27,361 Balances with banks CY_END GBP 27,361.00 Debit Total 570,662 Financial assets CY_END_AMOR Financial assets at amortised cost GBP 570,662.00 Debit 4,180,985 Financial assets CY_END_FVTPL Financial assets at fair value through profit or loss GBP 4,180,985.00 Debit 4,751,647 Financial assets CY_END GBP 4,751,647.00 Debit Liabilities as per the balance sheet Creditors 17,085 Creditors CY_END_CR_AMOR Financial liabilities at amortised cost GBP 17,085.00 Credit - Creditors CY_END_CR_FVTPL Financial instruments at fair value through profit or loss GBP 0.00 Credit 17,085 Creditors CY_END GBP 17,085.00 Credit Total 17,085 Financial liabilities CY_END_FL_AMOR Financial liabilities at amortised cost GBP 17,085.00 Credit - Financial liabilities CY_END_FL_FVTPL Financial liabilities at fair value through profit or loss GBP 0.00 Credit 17,085 Financial liabilities CY_END GBP 17,085.00 Credit 31 December 2021 At Amortised Assets at Total Cost fair value through profit or loss Assets as per £ £ £ balance sheet Investments - Investments PY_END_AMOR Financial assets at amortised cost GBP 0.00 Debit 6,436,820 Investments PY_END_FVTPL Financial assets at fair value through profit or loss GBP 6,436,820.00 Debit 6,436,820 Investments PY_END GBP 6,436,820.00 Debit Debtors 245,163 Debtors PY_END_DR_AMOR Financial instruments at amortised cost GBP 245,163.00 Debit - Debtors PY_END_DR_FVTPL Financial instruments at fair value through profit or loss GBP 0.00 Debit 245,163 Debtors PY_END GBP 245,163.00 Debit Cash at bank 30,676 Balances with banks PY_END_AMOR Financial assets at amortised cost GBP 30,676.00 Debit - Balances with banks PY_END_FVTPL Financial assets at fair value through profit or loss GBP 0.00 Debit 30,676 Balances with banks PY_END GBP 30,676.00 Debit Total 275,839 Financial assets PY_END_AMOR Financial assets at amortised cost GBP 275,839.00 Debit 6,436,820 Financial assets PY_END_FVTPL Financial assets at fair value through profit or loss GBP 6,436,820.00 Debit 6,712,659 Financial assets PY_END GBP 6,712,659.00 Debit Liabilities as per the balance sheet Creditors 17,129 Creditors PY_END_CR_AMOR Financial liabilities at amortised cost GBP 17,129.00 Credit - Creditors PY_END_CR_FVTPL Financial instruments at fair value through profit or loss GBP 0.00 Credit 17,129 Creditors PY_END GBP 17,129.00 Credit Total 17,129 Financial liabilities PY_END_FL_AMOR Financial liabilities at amortised cost GBP 17,129.00 Credit - Financial liabilities PY_END_FL_FVTPL Financial liabilities at fair value through profit or loss GBP 0.00 Credit 17,129 Financial liabilities PY_END GBP 17,129.00 Credit Fair value hierarchy In accordance with FRS 102, the Company must disclose the fair value hierarchy of financial instruments. The fair value hierarchy consists of the following three classifications: Classification A - Quoted prices in active markets for identical assets or liabilities. Quoted in an active market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm's length basis. Classification B - The price of a recent transaction for an identical asset, where quoted prices are unavailable. The price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If it can be demonstrated that the last transaction price is not a good estimate of fair value (e.g. because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), that price is adjusted. Classification C - Inputs for the asset or liability that are based on observable market data and unobservable market data, to estimate what the transaction price would have been on the measurement data in an arm's length exchange motivated by normal business considerations. The Company only holds classification A investments (2021: classification A investments only). General description of fair value hierarchy CY_PERIOD In accordance with...investments only). 13. Net Asset Value per Share The net asset value per share is based on net assets of £ 4,734,562 Net assets (liabilities) CY_END GBP 4,734,562.00 Debit (2021: £ 6,695,530 Net assets (liabilities) PY_END GBP 6,695,530.00 Debit ) divided by 2,157,881 Number of shares issued and fully paid CY_END_ALL_ORDINARY All ordinary shares Shares 2,157,881.00 (2021: 2,157,881 Number of shares issued and fully paid PY_END_ALL_ORDINARY All ordinary shares Shares 2,157,881.00 ) ordinary shares in issue at the year end. 2022 2021 £ £ Net asset value per share 219.4p 310.3p 14. Dividends paid to Directors During the year the following dividends were paid to the Directors of the Company as a result of their total shareholding: Dr Manny Pohl AM £8,256 1 Simon Moore £6,480 Frank Ashton £ 214 Notes: 1. Manny Pohl's relationship with EC Pohl & Co Pty Ltd is described in Note 1 to the table of Directors' interests on page 25. During the year dividends amounting to £8,256 were paid to EC Pohl & Co Pty Ltd. 38 | Athelney Trust plc | Annual Report 2022 Officers and Financial Advisors Directors: Mr N F Ashton Name of entity officer CY_PERIOD_CHAIR Chairman Non-executive officer N F Ashton (Chairman) Dr E C Pohl Name of entity officer CY_PERIOD_DR1 Director 1 E C Pohl Mr S Moore Name of entity officer CY_PERIOD_DR2 Director 2 Non-executive officer S Moore Secretary: Mrs D Warburton Name of entity officer CY_PERIOD_CS1 Company secretary 1 D Warburton Waterside Court Falmouth Road Penryn Cornwall, TR10 8AW Registered Office: Waterside Court Address line 1 CY_PERIOD_REG_OFF Registered office Waterside Court Falmouth Road Address line 2 CY_PERIOD_REG_OFF Registered office Falmouth Road Penryn Principal location - city or town CY_PERIOD_REG_OFF Registered office Penryn Cornwall County / Region CY_PERIOD_REG_OFF Registered office Cornwall , TR10 8AW Postal Code / Zip CY_PERIOD_REG_OFF Registered office TR10 8AW Company Number: 02933559 (Incorporated and registered in England) Solicitor: Druces LLP Name of entity lawyers or legal advisers CY_PERIOD Druces LLP Salisbury House London Wall London EC2M 5PS Stockbroker: James Sharp & Co Name of entity stockbrokers CY_PERIOD James Sharp & Co 5 Bank Street Bury Lancashire, BL9 0DN Auditors: Hazlewoods LLP Name of entity auditors CY_PERIOD Hazlewoods LLP Staverton Court Staverton GL51 0UX Banker: HSBC Bank Plc Name of entity bankers CY_PERIOD HSBC Bank Plc Market Street Falmouth Cornwall, TR11 3AA Registrar: Share Registrars Limited Name of entity registrars CY_PERIOD Share Registrars Limited 3 Millennium Centre Address line 1 CY_PERIOD_REGISTAR Registrar information 3 Millennium Centre Crosby Way Address line 2 CY_PERIOD_REGISTAR Registrar information Crosby Way Farnham Address line 3 CY_PERIOD_REGISTAR Registrar information Farnham Surrey Principal location - city or town CY_PERIOD_REGISTAR Registrar information Surrey , GU9 7XX Postal Code / Zip CY_PERIOD_REGISTAR Registrar information GU9 7XX Email: [email protected] Email: [email protected] Email: [email protected] Email: [email protected] Tel: 01326 378 288 Email: [email protected] E-mail address CY_PERIOD [email protected] Tel: 01326 Area code CY_PERIOD_REG_OFF Registered office 01326 378 288 Local number CY_PERIOD_REG_OFF Registered office 378 288 Website: http://www.athelneytrust.co.uk Website main page URL CY_PERIOD http://www.athelneytrust.co.uk Email: [email protected] Tel: 020 7638 9271 Email: [email protected] Tel: 0161 764 4043 Email: [email protected] Tel: 01242 680 000 Email: [email protected] Website main page URL CY_PERIOD_REGISTAR Registrar information [email protected] Tel: 01252 821 390 39 | Athelney Trust plc | Annual Report 2022 Athelney TRUST PLC' Company number 02933559 Athelney Trust Waterside Court, Falmouth Road Penryn, Cornwall TR10 8AW athelneytrust.co.uk
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