Title: URL Source: https://doc.morningstar.com/document/4bc2a93b69b5188c728f08b8df38406d.msdoc/?clientid=ajbell&key=805803a4ca9fc338 Markdown Content: Purpose ## >>Product ## >>What is this product? ## >>What are the risks and what could I get in return? # Key Information Document (KID) There is no requirement for Investors to receive a regulated Key Information Documents before buying theses shares. As an alternative, this document provides you with key information about this investment product. It is not marketing material. it helps you understand the nature of this product and to help you compare it with other products. Other documents are available to help you understand the potential gains and losses of this product. Name: ATHELNEY TRUST PLC ORDINARY SHARES ISIN: GB0000609296 Manufacturer: ATHELNEY TRUST PLC Competent Authority: UK Financial Conduct Authority Contact Details: www.athelneytrust.co.uk Company Secretary: Debbie Warburton +44 (0)1326 378288 KID Updated : 31st December 2024 Risk Indicator 1 2 3 4 5 6 7 > Lower Risk Higher Risk The risk indicator assumes you keep the product for 5 years. It is a guide to the level of risk of this product compared to other similar products. This product does not include any protection from future market performance so you could lose some or all of your investment. The shares in the Company are listed on the London Stock Exchange and their price is affected by supply and demand. Type: This product is an investment trust company, which is a type of alternative investment fund. Objective: The investment objective of the Company 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 over various industries and sectors. The Fund Manager also considers that it is highly important to maintain a progressive dividend record. Intended Investor: This product is intended for Investors who are prepared to take on a relatively medium to high level of risk of loss to their original capital in order to get a higher potential return . The value of investments and the income from them can go down as well as up, and you may get back less than you invested. We have classified this product as 5 out of 7, which is the third-highest risk class. This rates the potential losses from future performance at a medium to high level. Poor market conditions will likely impact the value that will be returned to you. If this product is not held for the recommended period the potential risk may be higher than the one shown above. In addition to the above, the Company is subject to other risks including regulatory risk, financial risk and liquidity risk. Shares in the Company may trade at a discount to their Net Asset Value per share, which may adversely affect the value of your investment, particularly when you come to sell your shares. Further information on risk is given in the Company's annual report available on the Company's website: www.AthelneyTrust.co.uk .Investment performance information > What could affect my return positively? > What could affect my return negatively? ## >> What happens if Athelney Trust Plc is unable to pay out? ## >> What are the costs? Athelney has no obligation to pay out as it is not an open-ended fund but a company with its shares traded on the stock market. Athelney therefore has no involvement in the settlement of the payment for the sale of shares and is not liable for any loss should the stock market default on their obligations. Further to the passing of the Packaged Retail and Insurance-based Investment Products (Retail Disclosures) (Amendment) Regulations 2024, the PRIIPS regulation does not apply to shares in a close-ended investment company that is UK-listed. The FCA is consulting (CP24/20) on a new product information framework for Consumer Composite Investments (CCI), likely to be implemented over 2025 and 2026. There are no entry or exit costs charged by the Investment Manager or Company (although you may be required to pay your own broker and/or adviser fees). The annualised ongoing fees and charges borne by the Company is set out in the Company's factsheet, published on the website, this includes other ongoing costs. The rate at 31 December 2024 was 2.87% (inclusive of management fee) which is incurred by the Company and there is no additional charge to the investor. Further information on the Company, including its latest Annual Report, is published on the website. The Company invests in smaller companies listed in the UK. We do not invest in speculative companies but those with a proven track record. The portfolio is actively managed in order to outperform the market over the cycle. The Company invests in equities and the performance of the Company is liable to be affected by the performance of the underlying equity markets. In addition, investment styles may be in, or out of, favour. The portfolio is domestically focused and strengthening Sterling may be beneficial to the portfolio, while weakening Sterling may lead to relative underperformance. The share price does not always reflect the underlying net asset value (NAV) and reductions in the discount / increases in the premium of the price relative to the NAV will enhance the share price return while a widening of the discount / narrowing of the premium will reduce the share price return relative to the underlying NAV. The Company has no benchmark, but the most relevant Reference Index for the Company is the Numis Smaller Companies plus AIM excluding Investment Companies Index and most of the holdings in the portfolio are likely to be drawn from its constituents. The portfolio is actively managed meaning that the weighting of holdings reflects the manager's conviction, rather than the stock's weighting in the index. Performance and volatility can be expected to vary significantly, both positively and negatively, from that of the Reference Index. Conditions that favour smaller companies may be beneficial to the return of the portfolio relative to that of the Reference Index. Good stock selection may deliver positive relative performance. The portfolio may increase in value if UK equities are generally rising. Movements in exchange rates relative to Sterling may affect returns. Changes in political, geopolitical or market conditions may increase the appeal of particular markets and the value of investments. There may be times when the UK market and / or smaller companies are in favour relative to other markets leading to outperformance of the Company relative to companies invested in other markets. Gearing may also enhance returns relative to the Index, particularly if interest rates are low or falling. Improving sentiment towards the Company and / or to the sector may lead to a narrowing of the discount of the share price to the NAV, or an increase in the premium of the share price to the NAV. Conditions that favour larger companies may be detrimental to the return of the portfolio relative to that of the Reference Index. Poor stock selection may lead to negative relative performance. The portfolio may decline in value if UK equities are generally falling. Movements in exchange rates relative to Sterling may affect returns. Changes in political, geopolitical or market conditions may cause the portfolio to underperform. There may be times when the UK market and / or smaller companies are out of favour relative to other markets leading to underperformance of the Company relative to companies invested in other markets. Gearing may also detract from returns relative to the Index, particularly if interest rates are high. A widening of the discount of the share price to the NAV, or a reduction in the premium of the share price to the NAV can negatively affect the share price return relative to the performance of the value of the Company. The Company is a listed Investment Company and is not subject to redemptions / subscriptions. However, in the event that the Company is wound up under severely adverse market conditions, the reported NAV at the time of the decision may significantly overstate the realisable value of the portfolio meaning that the amounts distributed per share may be less than the reported NAV. The liquidity profile of the portfolio at the time may affect the degree of discount that would end up being applied. The Company does not currently have borrowings, nor does it intend to take on borrowings, but if it does have borrowings at the time it is wound up these would need to be repaid. The repayment cost may be above the carrying value in the accounts and penalties may also be applied for early repayment. >> What are the costs? (continued) # >> How long should I keep my investment and can I sell my shares early? # >> How can I complain? # >> Other relevant information Table 2: Composition of costs The table below shows: The impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period and what the different cost categories mean. These are zero as there are no additional charges to the investor. The costs are borne by the Company. One-off costs Recurring costs Incidental costs Entry costs Exit costs Portfolio transaction costs Other ongoing costs Performance/ other incidental fees The impact of the costs you pay when entering your investment. The impact of the costs of exiting your investment when it matures. The impact of the costs of us buying and selling underlying investments for the product. The impact of the costs that we take each year for managing your investments. The ongoing costs rate at 31 December 2024 was 2.87% (inclusive of management fee) which is incurreed by the Company. There is no additional charge to the investor This product does not have any performance or other incidental fees. This product is intended as a long term investment, as such it is recommended holding the investment for a period of 5 or more years. You may sell some or all of your shares in the product, without penalty, on any day on which shares are traded. If you have any complaints about the product or conduct of Athelney Trust Plc and or its officers you may lodge your complaint in writing to: The Company Secretary, Athelney Trust Plc, Waterside Court, Falmouth Road, Penryn, Cornwall, U.K. TR10 8AW. Alternatively please contact The Company Secretary on +44 (0)1326 378288 If you have a complaint regarding your adviser or share dealer please contact them directly. We are required to provide further information, latest performance figures, Annual and Interim Accounts all of which are available on our website at www.athelneytrust.co.uk Depending on how you buy these shares you may incur other costs, including broker commission, platform fees and Stamp Duty. The distributor will provide you with additional documents where necessary Interests Carried Interests 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% This product does not have any carried interests.