Aardvark House 
Sidings Court 
Doncaster 
DN4 5NU 
Tel: +44 (0) 1302 760462 
Fax: +44 (0) 1302 760463 
Web: www.ath.co.uk
annual report and accounts 2009
developing
producing
restoring
ATH Resources plc annual report and accounts 2009
_1_ATH_ar09_cover.indd   1 15/12/2009   12:20:57 from concept to project 
completion, ATH Resources 
develops and operates 
surface coal mines and 
land remediation projects.
one of the UK’s largest 
coal producers, ATH 
builds success from 
strong development focus, 
modern surface mining 
equipment and a unique 
coal recovery process.
The year
 IFC Corporate statement
 01 Highlights
 02 At a glance
 04 Chairman’s statement
 06 Surface mining
 08 ATH Regeneration
 10 Chief executive’s statement
 14 Financial review
 16 Corporate social responsibility
leading  
vision
Governance
 20 Board of directors and advisers
 22 Financial calendar
 23 Directors’ report
 27 Corporate governance report
 29 Remuneration committee report
Accounts 
 32 Group accounts
 33 Independent auditors’ report
 34 Consolidated income statement
 35 Consolidated balance sheet
 36  Consolidated statement of changes in equity
 37  Consolidated cash flow statement
 38 Group accounting policies
 43  Notes to the group financial statements
 58 Company accounts
 59 Independent auditors’ report
 60 Company balance sheet
 61 Company accounting policies
 62  Notes to the company financial statements
 64  Notice of annual general meeting
 67 Form of proxy
ATH Resources’ commitment to environmental issues is reflected in this 
annual report which has been printed on Satimatt Green and Revive 50 
comprising 50% recycled fibre and 50% virgin fibre certified by the FSC 
and produced at mills with ISO 14001 environmental management 
systems. This document was printed by Beacon Press using , 
their environmental print technology which minimises the impact of 
printing on the environment. All energy used comes from renewable 
sources, vegetable based inks have been used and 94% of all dry waste 
associated with this production has been recycled. Beacon Press is a 
CarbonNeutral
®
 printer.
_1_ATH_ar09_cover.indd   2 15/12/2009   12:20:58 01
ATH Resources plc
annual report and accounts 2009
Earnings per share (pence)
10. 1p
2009
10.1p
2008
15.3p
2007
14.8p
2006
11.8p
EBITDA (£ million)
£24. 1m
2009
£24.1m
2008
£25.7m
2007
£25.2m
2006
£19.2m
b  Turnover up 1% to £77.5 million (2008: £76.9 million) 
despite lower sales volumes of 1.8 million tonnes 
of coal (2008: 2.0 million tonnes).
b  Average selling price increased by 13% 
to £43 per tonne.
b  Profit before interest and tax reduced by 28% to 
£8.6 million (2008: £11.9 million) due to the lack 
of production from ATH Regeneration.
b  Successful planning appeal at Langton after the year 
end, allowing 0.5 million tonnes ATH Regeneration 
project to commence in 2010.
b  Profit before interest and tax increased in Mining 
business by 20% to £11.8 million (2008: £9.8 million). 
b  Earnings per share reduced by 34% to 10.1 pence 
per share (2008: 15.3 pence per share).
b  EBITDA in excess of £24 million (2008: £25 million).
b  Full year dividend increased by 2.5% to 6.15 pence 
per share (2008: 6.0 pence per share), with final 
dividend of 6.15 pence per share (2008: 2.64 pence 
per share) incorporating deferred interim dividend 
(2008: interim dividend 3.36 pence per share).
b  Refinance of Group bank debt following the year 
end securing three year revolving credit facility , 
set initially at £30 million.
b  New mine of 1.8 million tonnes included 
in probable reserves with the potential for 
an additional 1.5 million tonnes reserve 
subject to geological assessment.
b  Proven coal reserves up 4% to 4.7 million 
tonnes (2008: 4.5 million tonnes) with total 
reserves unchanged at 8.2 million tonnes 
(2008: 8.2 million tonnes).
Highlights
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ATH Resources plc
annual report and accounts 2009
the market
b  The total market for coal 
in the UK is around 50 million 
tonnes per annum. Coal is a 
major energy source in the UK. 
b  Around 80% is used in the 
production of electricity and 
the remaining 20% is supplied 
to industrial and domestic users.
b  ATH supplies all three 
of these markets.
the business
b  developing  
The Group employs specialist staff to identify potential new surface mines and colliery 
spoil tips that contain sufficient reserves of high quality coal for economic extraction. 
Formal planning applications are submitted to replace current coal production with 
new reserves, securing the long term sustainability of the business. ATH Regeneration 
is continuing negotiations to deploy its unique tip washing technology in Australia.
b  producing  
The Group utilises modern plant and equipment to extract coal deposits from surface 
mines and recover coal from spoil tips. Whilst the majority of the coal is utilised in power 
generation, ATH produces significant tonnages for the premium domestic and industrial 
markets, making the Group one of the largest producers of household coal in the UK.
b  restoring  
The Group, working closely with third parties including Local Authorities and 
Environmental Agencies, utilises innovative techniques to minimise its impact on the 
environment. The patent pending ATH Regeneration tip washing technology provides 
an environmental clean up service restoring derelict land to a high specification. 
Surface mines undergo progressive restoration during coal extraction periods and, 
following the completion of mining activities, land is returned to an agreed condition 
and profile. 
ATH operations
Laigh Glenmuir
Garleffan
Grievehill
Glenmuckloch
Crowbandsgate
Skares Road
Cumnock
New Cumnock
at a glance
ATH produces coal at three surface coal 
mines in Scotland: Skares Road in East Ayrshire; 
Glenmuckloch in Dumfries and Galloway; and 
Muir Dean in Fife.
ATH Regeneration received planning consent 
after the year end to construct and operate a tip 
washing plant at Langton in Nottinghamshire.
Muir Dean
Doncaster
Langton
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ATH Resources plc
annual report and accounts 2009
Surface Mining
The Surface Mining business uses modern hydraulic 
excavating equipment to remove the overlying material and 
coal. The majority of the coal is utilised in power generation 
and is transported by rail through the Group railhead facility 
at Crowbandsgate. High quality household and industrial coals 
are produced to satisfy demand in these important markets. 
The mining methods employed ensure that operations are 
efficient and minimise the impact on the environment. 
Land Regeneration
The legacy of the UK deep coal mining industry is 
redundant land containing mining discard tips that 
represent a financial and environmental liability. 
Landowners, including Local Authorities and Regional 
Development Agencies, want to develop this land for 
a number of uses. ATH Regeneration has over 25 years’ 
experience of dealing with brownfield sites existing as 
a result of coal mining activity. The unique technology 
utilised by the Group provides an efficient and effective 
solution by extracting the coal to leave an environment 
suitable for a number of uses.
Doncaster
Langton
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annual report and accounts 2009
Chairman’s statement
The Board was delighted to hear following 
the year end that the Group was successful 
in the appeal against the planning refusal 
at the Langton site. 
BuSiNeSS pRoGReSS
Sales revenue generated by the Mining business was up 18% 
to £77.5 million (2008: £65.7 million) with sales volumes and 
average prices both increasing. This resulted in profit before interest 
and tax in the Mining business increasing by 20% to £11.8 million 
(2008: £9.8 million).
However, ATH Regeneration, as expected, had no production 
in the year (2008: 0.3 million tonnes) following the refusal by 
Derbyshire County Council of the Group’s planning application 
at Langton in Nottinghamshire and the completion of the 
Grimethorpe site in 2008.
This resulted in an overall reduction in Group sales volumes 
of around 10% to 1.8 million tonnes (2008: 2.0 million tonnes) 
and a consequent fall in earnings.
Although the fall in earnings was disappointing, the Board 
was delighted to hear following the year end that the Group 
was successful in the appeal against the planning refusal at 
the Langton site. Plans are well advanced to restart production 
from ATH Regeneration in 2010. 
DeveLopMeNT
The Group has been successful in developing the reserve base with 
three planning applications receiving approval in the Mining business, 
representing in excess of 2 million tonnes of coal in total. This led 
to a 4% increase in proven reserves to 4.7 million tonnes 
(2008: 4.5 million tonnes).
Proven and probable coal reserves at 4 October 2009 are unchanged 
at 8.2 million tonnes (2008: 8.2 million tonnes). 
DiviDeNDS
The Board is recommending a final dividend of 6.15 pence per share 
(2008: 2.64 pence per share), payable on 27 January 2010, subject to 
approval by the members at the Annual General Meeting to be held on 
20 January 2010, to members on the share register at 8 January 2010. 
The final dividend incorporates the deferred interim dividend 
(2008: interim dividend 3.36 pence per share).
DAviD poRT
NoN-exeCuTive CHAiRMAN
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ATH Resources plc
annual report and accounts 2009
strategic 
focus
b  Sales revenue generated 
by the Mining business 
was up 18% to £77.5 million 
(2008: £65.7 million) with 
sales volumes and average 
prices both increasing.
b  The Group has been successful 
in developing the reserve base 
with three planning applications 
receiving approval in the Mining 
business, representing in excess 
of 2 million tonnes of coal in total.
b  The Board is recommending 
a final dividend of 6.15 pence 
per share.
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ATH Resources plc
annual report and accounts 2009
Surface Mining
developing
Coal will remain an integral part of UK energy production for the foreseeable 
future. To replace production with new reserves of coal, the Group employs 
an experienced and dedicated specialist team to identify suitable projects and 
manage them through the planning approval process. The Surface Mining 
Development Team has consistently delivered new coal reserves, with a further 
2.4 million tonnes added to proven reserves in the year and other projects in 
the planning process.
producing
The Group utilises modern hydraulic equipment to remove the overlaying 
material and the coal with techniques aimed at minimising the impact on the 
environment. The majority of the coal produced is used in the energy generation 
industry and is generally transported via rail either through the Group rail‑head 
at Crowbandsgate or other rail‑heads in the region. The Group operates three 
surface mines in Scotland: Skares Road in East Ayrshire; Glenmuckloch in 
Dumfries and Galloway; and Muir Dean in Fife.
restoring
Upon completion of the coal extraction at a mine, the project enters a period 
of restoration. The Group returns each site to an agreed condition and profile, 
which includes the replacement of base materials, soils and the re‑introduction 
of appropriate plant life. The Group has continued to restore the former surface 
mine at Garleffan in the year and commenced restoration work at Grievehill 
following the planned completion of production.
Modern mining techniques
The Group utilises modern hydraulic 
equipment to remove overlaying material 
and coal. 
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ATH Resources plc
annual report and accounts 2009
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annual report and accounts 2009
Regenerated land
ATH Regeneration returns sites 
to a variety of uses.
ATH Regeneration
developing
The UK has several areas where the footprint of former deep mining activity 
remains through the existence of colliery spoil tips. The Group has experience of 
operating in these areas, returning many derelict sites to a variety of productive 
uses. ATH Regeneration targets the remaining colliery spoil tips and enters into 
discussions with landowners and other stakeholders setting out the benefits of 
utilising the Group’s unique technology as the most environmentally efficient 
means of removing an ongoing liability.
producing
ATH Regeneration utilises unique washing technology to process colliery spoil 
tips. The spoil is processed through a high specification custom built washing 
facility that removes the coal and renders remaining pollutants inert. Non‑coal 
material is processed further through press plants to remove excess water which 
is retained to be reused in the plant. After processing, all non‑coal material is 
returned to the land where it is suitable to be used in the restoration process. 
The recovered coal is sold to UK power generating companies.
restoring
Integral to each site is a detailed restoration plan to return the land to an agreed 
use. Previous restoration tasks have returned restored land to parklands, wetlands 
and commercial use. The material treated in the washing process is used in the 
final restoration phase of the project and the Group restores to agreed contours, 
reintroducing soils and indigenous plant life. Ongoing maintenance is provided 
for several years through an aftercare programme. Restored sites form suitable 
habitats for various forms of wildlife and have been populated by several at risk 
breeds of bird. The Group continued the restoration of the former Grimethorpe 
site in 2009 and has a number of ongoing aftercare programmes at previously 
restored sites.
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annual report and accounts 2009
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annual report and accounts 2009
Review of THe peRioD
The results of the Group for the period were adversely affected by the 
absence of production at ATH Regeneration and, despite significant 
profit growth in the Mining business, profit before tax reduced 
by 36% to £5.8 million (2008: £9.0 million). Cash generated from 
operations reflected the fall in profitability but remained in excess 
of £17.7 million (2008: £22.6 million) and, with capital expenditure 
falling significantly, the Group’s net debt fell by £5.9 million during 
the year to £39.4 million (2008: £45.3 million). 
opeRATioNAL Review
SuRf ACe MiNiNG
Profit before interest and tax grew by 20% during the year to 
£11.8 million (2008: £9.8 million). There was a full year contribution 
from the Muir Dean and Grievehill mines with, as planned, production 
completing at Grievehill towards the end of the year and temporarily 
ceasing at Laigh Glenmuir whilst planning consent for an extension 
to the mine is received. 
The improved performance would have been even better but high 
water levels at the Muir Dean mine and poor weather in the late 
summer during the opening up of two mine extensions at Skares Road 
and Glenmuckloch temporarily hampered production. Following the 
implementation of a continuing water management plan, the Muir Dean 
site is now back to a normal production profile and, although further 
reductions in water levels will be necessary at the mine, coal production 
from the site overall may exceed initial expectations. Operations at 
the new extensions are now proceeding to expectations. 
During the year, new planning consents were received for a new mine at 
Rigg (1.1 million tonnes) in Dumfries and Galloway and extensions at the 
Skares Road (0.6 million tonnes) and Glenmuckloch (0.7 million tonnes) 
sites. A planning application for a 0.8 million tonnes extension to the 
Laigh Glenmuir site was submitted to the local planning authority in the 
year with the result expected mid 2010. In addition, an extension to the 
Muir Dean mine for 0.3 million tonnes was identified during the year. 
Changes in engineering estimates resulted in 0.4 million tonnes of 
reserves being transferred into coal resources.
Chief executive’s statement
The Mining business has recovered strongly and 
increases in proven reserves and average selling 
prices, together with reducing debt levels, demonstrate 
the underlying strength of the business. 
sales value (£ million)
£77.5m
2009
£77.5m
2008
£76.9m 2007
£70.5m
2006
£54.1m
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annual report and accounts 2009
Following the year end, a planning application for 1.8 million tonnes 
of coal reserves was submitted for a new mine at Netherton, a site 
close to Skares Road. The Netherton site will be important going 
forward with the potential for a further 1.5 million tonnes of coal 
reserves, subject to geological assessment. 
ReGeNeRATioN
The business incurred a loss before interest and tax of £2.4 million 
(2008: profit £3.2 million) reflecting the completion of coal production 
at Grimethorpe in 2008 and the refusal by Derbyshire County Council 
to grant the Group’s planning submission for the Langton site. 
In November 2009, the Group received confirmation that it was 
successful in the appeal against the decision to refuse planning 
consent at Langton and plans are well advanced to commence 
production in 2010. The Group is negotiating coal sales agreements 
for the Langton coal prior to commencing plant construction.
The Group remains very positive for the longer term prospects for 
ATH Regeneration in the UK. With significantly reduced UK public 
spending and a consequent reduction in the subsidy available to 
clean up sites, the reclamation of former colliery spoil sites through 
use of the Group’s unique tip washing technology becomes even 
more attractive, potentially releasing additional sites for washing 
than previously expected. 
In addition, the Group continues to develop the business in Australia 
and, although progress has been slower than previously expected 
due to the current difficult economic climate, active development 
of the first key opportunity is ongoing at the mine with the potential 
client. The Board remains confident of securing regeneration contracts 
in Australia.
ReSeRveS
Estimated reserves of recoverable coal at the year end were 
8.2 million tonnes (2008: 8.2 million tonnes). Current planning 
activity levels are expected to replace coal produced with new 
reserves securing production for the foreseeable future.
underlying 
strength
b  With capital expenditure falling 
significantly , the Group’s net 
debt fell by £5.9 million during 
the year to £39.4 million (2008: 
£45.3 million).
b  Current planning activity levels 
are expected to replace coal 
produced with new reserves 
securing production for the 
foreseeable future.
b  Cash generated from 
operations reflected the fall 
in profitability but remained 
in excess of £17.7 million 
(2008: £22.6 million).
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annual report and accounts 2009
Chief executive’s statement continued
The Board was pleased that the business 
was awarded a Silver RoSPA award during the 
year reflecting a significant amount of hard work 
in maintaining and building upon good HSE 
behaviours and systems throughout the business.
CoAL ReSeRveS
AT 4 oCToBeR 2009
  proven probable Total 
  tonnes tonnes tonnes 
Site  000 000 000
Skares Road    600 — 600
Netherton   — 1,800 1,800
Laigh Glenmuir      — 800 800
Glenmuckloch      1,300 100 1,400
Muir Dean   1,700 300 2,000
Rigg   1,100 — 1,100
Total Surface Mining  4,700 3,000 7,700
Langton  — 500 500
Total Regeneration  — 500 500
Group reserves  4,700 3,500 8,200
The information in this announcement relating to exploration 
results, mineral resources or mineral reserves is based on information 
compiled by Mr Peter Morgan, a full time employee of the Group, 
who is a Fellow of the Institute of Materials, Minerals and Mining. 
Mr Morgan has sufficient experience which is relevant to the style 
of mineralisation and type of deposit under consideration. He has 
reviewed and consents to the inclusion in the announcement of 
the matters based on his information in the form and context 
in which they appear. A glossary of terms is available on our 
website – www.ath.co.uk.
proven reserves (million tonnes)
4.7m
2009
4.7m
2008
4.5m
2007
3.5m
2006
5.7m
total reserves (million tonnes)
8.2m
2009
8.2m
2008
8.2m
2007
8.6m 2006
7.9m
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annual report and accounts 2009
MARkeT
Demand for coal in the UK is likely to reduce to less than 50 million tonnes 
during 2009 with indigenous coal production meeting approximately 
one third of total usage.
International coal prices reduced from their 2008 peak during the 
period but ended the year around $70 per tonne despite difficult 
economic conditions. Forward price indices indicate a significant 
increase in prices over the next two to three years to over $100 
per tonne by 2012. 
The Group held agreements at the period end with a number of 
major UK electricity generators covering the supply of 3.3 million 
tonnes of coal up to 2012. Since the period end, agreement has 
been reached in principle with a major UK generating company for 
an extension of contract volumes which will result in an increase in 
pricing per tonne under the current contract, subject to certain quality 
and other criteria being satisfied. 
HeALTH AND SAfeTy The Board understands the potentially hazardous nature of the 
work undertaken in the Group’s operations and takes very seriously 
its responsibilities for health and safety. Operational sites have a 
nominated and qualified health and safety manager and employees 
are regularly trained in the Group’s processes which are aimed to 
exceed HSE best practice.
The Board was pleased that the business was awarded a Silver RoSPA 
award during the year reflecting a significant amount of hard work 
in maintaining and building upon good HSE behaviours and systems 
throughout the business.
STAff
The Group recognises the critical importance of its employees 
in the continued growth and success of the business. The Group 
employs around 350 skilled, innovative and highly motivated people 
and continuous development is delivered through structured and 
targeted training programmes.
The business has created a training and assessment school to ensure 
that employees have the necessary skills and competence for their 
roles. This commitment to training and development has resulted 
in 80% of the workforce qualified to NVQ standards on their chosen 
piece of equipment, which together with other training initiatives, 
means that ATH has one of the best qualified and competent 
workforces within the industry. 
The Board would like to join me in thanking our people for all of 
the efforts they have made in the past year and the commitment 
that they continue to demonstrate in delivering the success of 
the business.
SuMMARy The absence of production at ATH Regeneration has led to a 
challenging year for the Group. However, the Mining business has 
recovered strongly and increases in proven reserves and average 
selling prices, together with reducing debt levels, demonstrate the 
underlying strength of the business. With success at the Langton 
appeal, the Group is well placed to return to growth in revenue 
and earnings over the next few years.
ToM ALLCHuRCH
CHief exeCuTive
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annual report and accounts 2009
The results are presented for the 53 week period to 4 October 2009 
against a 52 week period to 28 September 2008.
ReveNue
The Group’s revenue for the year was £77.5 million (2008: £76.9 million) 
on sales of 1.8 million tonnes (2008: 2.0 million tonnes). The average 
coal price was £43 per tonne (2008: £38 per tonne).
Revenues from the Mining business were £77.5 million (2008: £65.7 million) 
and from ATH Regeneration were £nil (2008: £11.2 million).
The increase in revenue from the Mining business reflects an increase 
in sales volumes and higher coal prices. Sales volumes benefitted from 
a full year contribution from the Muir Dean and Grievehill mines offset 
by the temporary cessation of production from the Laigh Glenmuir 
mine. Higher coal prices were secured on the renewal of existing supply 
contracts and new contracts in certain industrial markets. 
Revenues from ATH Regeneration reflected the completion of production 
at the Grimethorpe site in 2008. 
pRofiT BefoRe iNTeReST AND TAx Profit before interest and tax (“PBIT”) was £8.6 million (2008: £11.9 million) 
and earnings before interest, tax and depreciation were £24.1 million 
(2008: £25.7 million).
The return on PBIT of 23% (2008: 35%) reflects the loss of lower cost 
production from ATH Regeneration and an increase in depreciation 
following the Group’s investment programme offset by the increase 
in average selling price.
fiNANCe CoSTS
Net finance costs of £2.9 million (2008: £2.9 million) were 
charged in the year. Hire purchase interest charges were £1.3 million 
(2008: £1.1 million) reflecting the full year impact of the previous 
year’s investment. £0.6 million (2008: £0.4 million) was charged in 
respect of the unwinding of the discount on restoration provisions. 
Lower interest rates during the year were the primary reason for 
the reduction in bank and overdraft interest charges of £0.9 million 
(2008: £1.3 million).
Financial review
The Group’s revenue for the year was £77.5 million 
(2008: £76.9 million) on sales of 1.8 million tonnes 
(2008: 2.0 million tonnes).
sales price (£/tonne)
43
2009
43
2008
38
2007
32
2006
30
operating profit (£ million)
8.6m
2009
8.6m
2008
11.9m 2007
11.1m
2006
8.1m
net assets (£ million)
37.2m
2009
37.2m 2008
34.2m
2007
32.1m
2006
30.0m
_1_ATH_ar09_Front.indd   14 15/12/2009   12:17:05 15
ATH Resources plc
annual report and accounts 2009
TAxATioN
The effective rate of tax was 30% (2008: 32%) compared with a 
standard rate of tax of 28% (2008: 29%). The difference between 
the actual and standard rate is primarily due to expenses that are 
not allowable against tax.
eARNiNGS peR SHARe
Earnings per share were 10.1 pence (2008: 15.3 pence), a decrease 
of 34%. Fully diluted earnings per share, taking into account shares 
expected to be issued under employee share schemes, were 10.1 pence 
(2008: 14.9 pence).
NeT ASSeTS
Net assets were £37.2 million (2008: £34.2 million). The rate of 
capital expenditure has fallen significantly from 2008 with spend 
in 2009 of £7.5 million (2008: £27.9 million).
CASH fLowS
The Group generates strong cash flows from its operations, with a 
net cash inflow from operations of £17.8 million (2008: £22.6 million). 
Cash inflow before financing grew by £2.0 million to £7.2 million 
(2008: £5.2 million). Repayment of debt was a significant feature of 
the year with total repayments of £15.3 million which contributed 
to a total net cash outflow of £6.4 million (2008: £9.3 million inflow). 
The cash inflow in 2008 benefitted from a significant cash inflow 
from a refinancing of the Group’s debt.
fiNANCiNG
Bank loans and hire purchase liabilities reduced by £12.4 million 
to £34.1 million and, in the year, a working capital facility was put 
in place with amounts drawn during the period of £5.6 million, 
resulting in total debt at the period end of £39.7 million. 
During the year, the Group was successful in attracting new and 
extending existing bonding facilities totalling £11 million to meet 
the requirements of local authorities and land owners to cover 
the costs of final restoration of active sites in the Mining business. 
Further bonding cover will be required in the future to open up 
new sites as and when required. 
Following the year end, the Group agreed a new £30 million revolving 
credit facility (“RCF”) in a club deal with HSBC and Yorkshire Bank. 
The RCF extends for a three year period ending in November 2012. 
Maximum permitted borrowings under the RCF are £30 million during 
the first year of the new arrangements, £27.5 million during the 
second year and £22.5 million during the final year. 
The new arrangements secure attractive, long term funding for the 
Group and provide a more appropriate capital structure and the financial 
resources to continue developing surface mining and coal recovery 
projects within the UK. The RCF replaces the Group’s existing term debt 
arrangements, which were due to expire in February 2011, and working 
capital facilities. The combined outstanding balances under the previous 
arrangements totalled £19.8 million at 4 October 2009.
STeveN BeA uMoNT
fiNANCe Di ReCToR 
_1_ATH_ar09_Front.indd   15 15/12/2009   12:17:06 16
ATH Resources plc
annual report and accounts 2009
Corporate social responsibility
The Group strategy is to integrate its policies 
to maximise the training and other opportunities 
for its people whilst minimising the impact of 
its operations on the environment, neighbours 
and other interested parties. 
The Group is aware that operational activities can have a significant 
impact on a wide range of stakeholders including employees, 
neighbouring communities and local and national governments. 
The Group strategy is to integrate its policies to maximise the training 
and other opportunities for its people whilst minimising the impact 
of its operations on the environment, neighbours and other 
interested parties. 
eNviRoNMeNT
The Group considers the potential environmental impact of its 
operations at every stage of a project’s life cycle from initial planning 
to final restoration. Promoting excellence in environmental standards 
is a primary objective of the business and these issues are key to 
the strategic development of each site.
During the planning phase of projects, a full environmental assessment 
is carried out which is included within a formal planning application 
as the Environmental Impact Assessment. The potential impact on the 
environment at each stage of the development and operation of a site 
is considered and reported by senior mine management who engage 
specialist external consultants as required. 
The Group implements many initiatives to improve the local 
environment and legacy environmental issues. At the Grievehill 
site in Ayrshire, the Group employs rangers to assist in supporting 
suitable nesting areas for birds of prey, including the rare hen harrier. 
At the adjacent site at Garleffan, the restoration plan created a cliff 
face suitable for raptor nesting sites.
_1_ATH_ar09_Front.indd   16 15/12/2009   12:17:22 17
ATH Resources plc
annual report and accounts 2009
At Muir Dean in Fife, the Group is implementing a scheme to resolve what 
is considered to be the worst coal mine legacy pollution of a water course 
in Scotland. Working closely with the Scottish Environmental Protection 
Agency, the scheme involves the creation of a minewater treatment facility 
to remove iron and other pollutants from the Fordell Day Level, an old 
underground minewater drainage tunnel. The polluted minewater is 
pumped through water cascades and lagoons and filtered through 
organic reed beds before being discharged back into its original course. 
ATH is a partner of the East Ayrshire Coalfield Environment Initiative, 
a partnership involving the local authority, conservation bodies and 
industry, working to enhance, promote and conserve the environment. 
This initiative has included the creation and enhancement of wildlife 
habitats and schools liaison, amongst others.
The Group’s coal tip washing business provides an efficient and highly 
effective contaminated site clean‑up service. Existing contaminants are 
rendered inert by the processes employed to remove the coal and sites 
are returned to a variety of uses including commercial development, 
leisure or natural habitat. Agreed restoration plans include the planting 
of hundreds of thousands of trees and the reintroduction of wildlife. 
Uncommon species inhabiting previously restored sites include deer 
and birds, with the little ringed plover, the yellow wagtail and the 
short eared owl of particular interest.
During the year, the restoration continued at the former Grimethorpe 
site in South Yorkshire with the planting of over 75,000 trees. The site 
is already benefiting from the works undertaken with many bird and 
animal species returning. 
Bird nesting sites
The Group assists in supporting nesting 
areas suitable for raptors, including the 
at risk hen harrier.
_1_ATH_ar09_Front.indd   17 15/12/2009   12:17:24 18
ATH Resources plc
annual report and accounts 2009
Corporate social responsibility continued
ATH operates community liaison groups at each 
of its sites. These groups meet on a regular basis 
and allow the exchange of information on site 
progress enabling community representatives 
to raise any issues for discussion. 
peopLe
The Group recognises that its people are the most important assets 
within the business and an open and challenging working environment 
is encouraged. ATH is committed to providing opportunity and training 
to all staff to enable employees to fulfil their potential. 
The Group’s activities involve the use of large plant and machinery and 
staff are properly trained to use the equipment safely and efficiently. 
The Group has undertaken a wide ranging review of skills within the 
business and implemented a comprehensive training plan to ensure 
that ATH is an industry leader in employee skills.
opeRATioNAL TRAiNiNG
During the year, the Group created the Mining Training School at the 
Garleffan restoration site. This School is responsible for all the new 
starter inductions and delivery of all the NVQ assessments. Conducting 
both the assessments and inductions on a restoration site ensures the 
highest standard of training is delivered in a safe environment under 
the close supervision of a qualified trainer and assessor.
The high level of training capability has seen the school train 
approximately 80% of the workforce to NVQ Level 2 standards on 
their chosen piece of equipment which, when combined with the 
large amount of tertiary training delivered to the workforce, means 
that ATH has one of the best qualified and competent workforces 
within the industry.
MANAGeMeNT TRAiNiNG
During the year, the Directors refocused the ATH approach to 
both talent management and career development, which resulted 
in the creation of ‘career ladders’ for key departments. These ladders 
provide a career progression plan for each department, setting out 
the expected qualifications and anticipated experience required for 
an employee to be considered for promotion.
The learning and development plan has amalgamated all the training 
identified during the annual performance reviews. This plan was initiated 
to provide cost effective, targeted training in order to develop the skills 
and capabilities of the management of ATH.
RoSPA Silver Award
The Group’s continued commitment to 
excellence in health and safety procedures 
and practices was recognised in the year 
with the presentation of the RoSPA Silver 
Award in Occupational Health and Safety.
SILVER
Award
20 09
_1_ATH_ar09_Front.indd   18 15/12/2009   12:19:37 19
ATH Resources plc
annual report and accounts 2009
For the forthcoming year individual career ladders for the other 
departments will be developed. The main focus will be the delivery 
of a leadership development programme focusing on key employees. 
This programme will be run in conjunction with comprehensive core 
management training delivered to the whole management team.
HeALTH AND SAfeTy A key strategic objective of the Group is to provide safe working 
environments for all employees and people visiting ATH mines, 
sites and facilities.
The Group health and safety policies and procedures are managed 
through the ATH Resources plc Health and Safety Assessment Model 
which drives Group performance through four key stages. The policy 
strives for continuous improvement through Awareness, Competence, 
Compliance and Excellence.
The Group provides ongoing high quality training to all employees 
in every aspect of health and safety and promotes an open culture 
where unsafe practices are challenged and reported to achieve 
targets of excellence and continuous improvement. 
The Group had four reportable injuries during the year (2008: seven) 
and suffered no major injuries. The Group accident performance 
statistics are 16% better than the industry average for Riddor injuries.
RoSpA SiLveR Aw ARD
During the year, ATH was awarded the RoSPA (Royal Society for the 
Prevention of Accidents) Silver Award. This prestigious accreditation 
was received in recognition of the Group’s performance in promoting 
and attaining a high standard in the management of health and safety. 
Areas of particular strength were in hazard identification, the use of 
safe working practices, compliance with industry regulations and the 
involvement of safety representatives in new initiatives. This achievement 
is shared by all employees of the Group without whose commitment 
and effort the award would not have been achieved.
SoCiAL AND CoMMuNiTy The Group understands the importance of communication and 
interaction with neighbouring communities to provide information 
about operations and support through sponsorship and donations. 
ATH operates community liaison groups at each of its sites. These 
groups meet on a regular basis and allow the exchange of information 
on site progress enabling community representatives to raise any 
issues for discussion. 
The Group provides support to community groups and projects 
and provides financial support through either direct sponsorship 
or through community and environmental trusts. These include the 
Cumnock and Doon Valley Minerals Trust, the Kirkconnel Coalfield Trust 
and the Coalfields Environment Initiative. During the year, the Group 
established the Muir Dean Environmental Trust with a contribution of 
an initial £100,000. Overall, the Group contributed £426,000 to these 
initiatives. These schemes provide support to a wide range of good 
causes including Scout and Guide groups, local Church organisations 
and sports clubs.
Following the receipt of the Langton planning consent, the Group 
will create a liaison committee involving representatives from local 
communities within both Derbyshire and Nottinghamshire.
_1_ATH_ar09_Front.indd   19 15/12/2009   12:19:40 20
ATH Resources plc
annual report and accounts 2009
Board of directors and advisers
DAviD poRT
NoN-exeCuTive CHAiRMAN
David Port qualified as a Chartered Management Accountant whilst 
with National Freight Company Limited where he rose to become Group 
Chief Accountant and Divisional Finance Director. Following three years 
at Northern Foods Plc as Finance Director of the dairy division, he joined 
British Fuels Limited as Finance Director and rose to Chief Executive and 
Chairman, leading the management buyout from British Coal during the 
privatisation process and disposing of the business profitably in a trade 
sale in 1997. From 1997 to 2001 David was Executive Chairman of 
Sylvan International Limited, a £200 million turnover timber business with 
operations in France. David is currently Chairman of Petrol Express Limited, 
Non‑executive Chairman of Leach Colour Limited and Non‑executive 
Chairman of Inutec Limited. David has been Non‑executive Chairman 
of the Group since its establishment in 1998.
ToM ALLCHuRCH
CHief exeCuTive
Tom Allchurch is a graduate mining engineer and has spent his entire career 
in the development and operation of surface coal mines. Tom initially trained 
as a Site Engineer with Shand Mining Limited, a contractor to British Coal, 
before joining Bayford Mining Limited, a smaller private mining company, 
in 1986. In 1991 Tom joined Rackwood Colliery Company Limited as Projects 
Manager and was responsible for the development of a number of UK and 
French projects including Skares Road. Tom left Rackwood in 1998 leading 
the management team in acquiring the rights to operate (and subsequently 
acquire) the Skares Road mine. Tom was Chairman of the coal industry trade 
association, the Confederation of UK Coal Producers, in 2001 and 2002. From 
1998 Tom was Managing Director of the Group and became Chief Executive 
when the Company listed on AIM. Tom is also a Director of The Coal Trade 
Benevolent Association.
ALiSTAiR BLACk
opeRATioNS DiReCToR
Alistair is Group Operations Director of ATH Resources plc and Managing 
Director of the Surface Mining business. Having commenced his training 
with Coal Contractors Limited in 1986, Alistair progressed to Site Manager 
at Roughcastle North site in 1994 before joining Rackwood Colliery Company 
in 1996 as Regional Production Manager. Alistair joined ATH in 1998 initially 
as Operations Manager for the Skares Road mine and became Operations 
Director in 2000. Alistair gained his MBA from Heriot Watt University in 
1999 and is currently the Health and Safety Director for the Group.
vAuGHAN wiLLiAMS
NoN-exeCuTive DiReCToR
Vaughan Williams has a degree in politics from Exeter University. Vaughan spent 
four years at British Steel from 1968 to 1972 before joining a predecessor company 
of BHP Minerals Europe Limited as Coal Sales Manager, later promoted to Director 
responsible for coal sales in Europe, CIS, the Middle East and Africa. In 1986 
Vaughan moved to BHP Coal Australia Pty Limited in Brisbane as Manager of their 
marketing operations. After returning from Australia, he became Managing Director 
in 1990 at BHP Minerals Europe Limited. Vaughan then became Vice President 
Marketing at BHP Billiton Diamonds Inc. in 2000 where he remained until retiring 
in 2003. Since then he has been actively involved in farming in Oxfordshire. 
He joined the Group in 2004.
_1_ATH_ar09_Front.indd   20 15/12/2009   12:19:51 21
ATH Resources plc
annual report and accounts 2009
STeveN BeA uMoNT
fiNANCe DiReCToR AND CoMp ANy SeCReTARy Steven Beaumont is a Chartered Accountant having previously worked for 
Arthur Andersen and Deloitte Haskins and Sells. Steven joined the Board in 
October 2006. Prior to joining ATH, he spent the majority of his career with 
United Utilities where he was Group Financial Controller, and subsequently 
Finance Director, and Commercial Director of United Utilities’ North West 
Division. As Commercial Director he was responsible for the investment delivery 
programme, front line network customer service, commercial activities, supply 
chain, legal and business services. In addition, he was a trustee of the Group 
pension scheme.
TiM STokeLD
NoN-exeCuTive DiReCToR
Tim has over 30 years’ experience in finance, beginning his career as a trainee 
stockbroker with Middlesbrough‑based Stancliffe Todd and Hodgson before 
taking up senior roles in leading financial companies such as Charterhouse, 
where he rose to be appointed Managing Director of Institutional Sales, Head 
of UK Equities and Head of Equities at CAI Chevreux. In 2002, Tim left CAI 
Chevreux to join Seymour Pierce Partners in 2003 as Head of Institutional Sales, 
a post he held for a period of four years. Following this time he had been with 
BlueOar Securities which he left in April 2009. Tim joined the Board of ATH 
as Non‑executive Director in May 2009.
ReGiSTeReD offiCe
Aardvark House 
Sidings Court 
Doncaster DN4 5NU
CoMpANy NuMBeR
4928463
BANkeRS
HSBC Bank Plc 
8 Canada Square 
London E14 5HQ
Yorkshire Bank 
4 Victoria Place 
Manor Road 
Leeds LS11 5AE
SoLiCiToRS
Eversheds LLP 
Bridgewater Place 
Water Lane 
Leeds LS11 5DR
AuDiToRS
Baker Tilly UK Audit LLP 
2 Whitehall Quay 
Leeds LS1 4HG
NoMiNATeD ADviSeR  
AND BRokeR
Seymour Pierce Limited 
20 Old Bailey 
London EC4M 7EN
fiNANCiAL pR ADviSeRS
Abchurch Communications Limited 
125 Old Broad Street 
London EC2N 1AR
ReGiSTRAR
Capita Registrars Limited 
Northern House 
Woodsome Park 
Fenay Bridge 
Huddersfield HD8 0GA
_1_ATH_ar09_Front.indd   21 15/12/2009   12:20:06 22
ATH Resources plc
annual report and accounts 2009
Financial calendar
Annual General Meeting  20 January 2010
Final dividend paid  27 January 2010
Half year end  4 April 2010
Interim results and dividend declared 15 June 2010
Ordinary shares go ex-dividend  30 June 2010 
Interim dividend paid  23 July 2010
Financial year end 3 October 2010
Preliminary results and dividend declared  8 December 2010
_1_ATH_ar09_Back.indd   1 15/12/2009   12:20:26 23
ATH Resources plc
annual report and accounts 2009
The Directors submit their report and the audited financial statements of ATH Resources plc for the year ended 4 October 2009.
PrIncIPAl ActIvItIes
The principal activity of the Company is that of a holding company. The principal activities of the Group are the operation of surface coal 
mines and the recovery of coal via tip washing and its subsequent sale to UK electricity generators, industrial and domestic customers. 
The Group operates under the title of ATH Resources.
revIew OF devel OPMents And Future PrOsPects
The Group’s trading performance for the year was in line with Directors’ revised expectations and is discussed in greater detail in the 
Chief Executive’s Statement. The Directors are pleased with the Group’s position and believe the businesses are well placed to continue 
to develop new opportunities.
st AteMent OF dIrectOrs’ resPOnsIbIlItIes
The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations. 
The Directors are required to prepare the consolidated financial statements in accordance with International Financial Reporting Standards 
(“IFRS”) as adopted by the European Union (“EU”). Company law requires the Directors to prepare such financial statements in accordance 
with IFRS as adopted by the EU and the Companies Act 2006. 
In the case of the Company accounts, UK company law requires the Directors to prepare financial statements for each financial year. 
Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted 
Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 as at the 
end of the financial year. In preparing those financial statements, the Directors are required to:
b select suitable accounting policies and then apply them consistently;
b make judgements and estimates that are reasonable and prudent;
b  state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained 
in the financial statements; and
b  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue 
in business.
In the case of IFRS accounts for the Group, International Accounting Standard 1 requires that financial statements present fairly for each 
financial year the Group’s financial position, financial performance and cash flows. This requires the faithful representation of the effects 
of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and 
expenses set out in the International Accounting Standards Board’s “Framework for the Preparation and Presentation of Financial Statements”.
In virtually all circumstances, a fair presentation will be achieved by compliance with all applicable IFRS as adopted by the EU.
Directors are also required to:
b properly select and apply accounting policies;
b  present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable 
information; and
b  provide additional disclosures when compliance with the specific requirements in IFRS as adopted by the EU is insufficient to enable users 
to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance.
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 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.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the ATH Resources plc 
website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation 
in other jurisdictions.
Directors’ report
_1_ATH_ar09_Back.indd   2 15/12/2009   12:20:26 ATH Resources plc
annual report and accounts 2009
24
dIrectOrs’ IndeMnItIes
The Group made third party indemnity provisions for the benefit of its Directors for the whole of the year, which continue to remain in force.
dIrectOrs
The Directors in office during the period under review and their interests in the ordinary shares of the Company were:
         2009 2008 
         number Number
D C Port        209,959 209,959
T J Allchurch        1,804,049 1,804,049
A Black        295,106 295,106
S Beaumont         10,000 10,000
J K Hodgson (resigned 31 October 2007)        214,542 214,542
V M F Williams        1,866 1,866
I Ridler (resigned 23 February 2009)        3,750 3,750
J T Stokeld (appointed 6 May 2009)        — —
Details of Directors’ share options are provided in the Directors’ Remuneration Report on pages 30 and 31.
subst AntIAl sHAreHOldInGs
The Company has been informed that on 1 December 2009 the following shareholders held substantial holdings in the issued ordinary shares 
of the Company:
         Number of  
         ordinary Holding 
         shares %
Alchemy Partners Nominees Limited        7,546,059 19
AXA Investment Managers UK Limited        4,431,000 11
Midas Balanced Income Fund        2,800,000 7
Mr W Paterson        1,864,000 5
Mr T J Allchurch        1,829,049 5
Close Private Asset Management        1,814,992 5
st AteMent As tO dIscl Osure OF InFOrMA tIOn tO A udItOrs
The Directors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is 
no relevant audit information of which the auditors are unaware. Each of the Directors has confirmed that they 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 it has been 
communicated to the auditors.
Key PerFOrMAnce IndIcA tOrs (“KPIs”)
The Board monitors the Group’s progress and financial performance on a regular basis. Performance is assessed against budget using financial 
and non-financial measures. The following are the most significant KPIs used by the Group:
         2009 2008
Sales price – revenue earned per tonne of coal sold (£)       43 38
Cost price – operating cost per tonne of coal sold (£)       32 28
Coal reserves – the volume of coal which is classed as proven or probable reserves (million tonnes)   8.2 8.2
Health and safety – reportable accidents (number)       4 7
Environmental incidents – breaches of environmental legislation (number)     nil Nil
Return on capital employed – profit before interest and tax divided by capital employed (%)    11 15
Directors’ report continued
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ATH Resources plc
annual report and accounts 2009
PrIncIPAl rIsKs And uncert AIntIes FAcInG tHe GrOuP
rePlAceMent OF PrOductIOn
The Group’s operations have a finite life due to the geology of each site and will become exhausted at some point in the future. Production 
is replaced through the development or acquisition of new sites and extensions to existing sites.
exPl OrA tIOn And devel OPMent
The exploration for, and development of, coal deposits involves significant risks, which are managed through the combination of careful 
evaluation, experience and knowledge. Not all properties which are explored are ultimately developed into producing mines. There can be 
no guarantee that estimates of quantities and qualities made will be realised or that appropriate consents will be granted. With all mining 
operations there is uncertainty and therefore risks associated with operating parameters and costs. 
GenerAl MInInG And PrOcessInG rIsKs
The Group’s operations are subject to all of the hazards and risks normally encountered in the exploration, development and production 
of coal. Appropriate levels of site investigation are undertaken to minimise the risk but these risks could include unusual and unexpected 
geological formations, geo-technical instability, flooding and other conditions involved in the extraction of material.
vOlA tIlIty OF PrIce OF cOAl
The market price of coal is volatile and is affected by numerous factors which are beyond the Group’s control. These include international 
supply and demand, the level of consumer product demand, international economic trends, currency exchange rate fluctuations, the level 
of interest rates, the rate of inflation, the cost of freight, global or regional political events and international events, as well as a range of 
other market forces. This volatility is managed through the entering into of long term, fixed price, supply agreements with electricity 
generating companies.
envIrOnMent Al Issues
The Group’s activities and the markets in which it operates are subject to environmental regulation. Such regulations typically cover a wide 
variety of matters including prevention of waste, pollution and protection of the environment. The risk is managed by daily inspections of 
all operations with a potential to cause environmental breaches and by careful design of the operations to mitigate any potential risk.
HeAltH And sAFety
The Group’s activities are, and will continue to be, subject to health and safety standards and regulations. Failure to comply with such 
requirements may result in fines, penalties and/or litigation. Risk assessments are carried out by management as well as retaining the 
services of external risk consultants to identify any potential risks and ensure safe methods of working.
restOrA tIOn bOnds
The Group’s activities result in the creation of working sites and mining voids that require substantial remedial and restoration works 
at the end of coaling operations. As part of the planning approvals process, the Group is normally required to obtain agreed restoration 
bonds that cover the anticipated remedial works, which are substantial in certain instances. The impact of recent uncertainty in the financial 
markets has reduced the potential sources of restoration bonds, although the Group has good relationships with a number of providers.
FInAncIAl InstruMents
Details relating to financial instruments are given in note 24.
eMPl Oyees
The Directors recognise the importance of the Group’s employees in the success of the business. 
The Group is committed to equal opportunities in employment and seeks to ensure that all current employees or applicants are treated equally 
regardless of age, sex, nationality, race, colour, creed or disability.
The Directors retain regular contact with employees using both formal and informal lines of communication to ensure relevant financial and 
operational information is disseminated. Regular meetings take place to allow employees of all levels to contribute to the Group’s development. 
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ATH Resources plc
annual report and accounts 2009
Directors’ report continued
PAyMent POlIcy
It is the Group’s policy to pay suppliers in accordance with agreed terms, provided the supplier has also complied with agreed terms 
and conditions. At 4 October 2009, the trade creditors of the Group represented 63 days (2008: 67 days) of purchases. 
AudItOrs
Baker Tilly UK Audit LLP has indicated its willingness to continue in office as auditors of the Company, and a resolution to that effect will 
be proposed at the Annual General Meeting. 
By order of the Board
s beAuMOnt
FInAnce dIrectOr And cOMPAny secret Ary
8 deceMber 2009 
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ATH Resources plc
annual report and accounts 2009
IntrOductIOn
Although the rules of AIM do not require the Company to comply with the Combined Code on Corporate Governance (“the Code”), the Company 
fully supports the principles set out in the Code and will attempt to comply wherever possible, given both the size and resources available to 
the Company. Details are provided below of how the Company applies the Code.
tHe bOArd
The Board of Directors comprised three Executive Directors and three independent Non-executive Directors, one of whom is the Chairman. 
During the year, Mrs Ivana Ridler resigned as an independent Non-executive Director and Mr Tim Stokeld was appointed as an independent 
Non-executive Director.
The Alchemy Plan has the right to nominate a Non-executive Director but has chosen not to do so. If the Alchemy Plan’s shareholding in the 
Company falls below 10% of the issued share capital, the right to appoint ceases.
The Board generally meets each month and receives a Board pack comprising individual reports from each of the Executive Directors, together 
with any other material deemed necessary for the Board to discharge its duties. It is the Board’s responsibility for formulating, reviewing and 
approving the Group’s strategy, budgets, major items of expenditure and acquisitions.
During the year ended 4 October 2009 the Board met a total of twelve times.
bOArd cOMMIttees
The Board has established three committees: Audit, Remuneration and Nominations, all having written terms of delegated responsibilities.
AudIt cOMMIttee
The Audit Committee comprises the three Non-executive Directors and is scheduled to meet twice a year. It is the Audit Committee’s role 
to provide formal and transparent arrangements for considering how to apply the financial reporting and internal control requirements of the 
Code, whilst maintaining an appropriate relationship with the independent auditors of the Group. In order to comply with the requirement 
of the Code that at least one member has relevant financial experience, the Chairman of the Board sits on the Audit Committee.
During the year ended 4 October 2009 the Audit Committee met on two occasions.
reMunerA tIOn cOMMIttee
The Remuneration Committee comprises the three Non-executive Directors and meets at least once a year, normally in June. It is the Remuneration 
Committee’s role to establish a formal and transparent policy on Executive remuneration and to set remuneration packages for individual Directors.
During the year ended 4 October 2009 the Remuneration Committee met on four occasions.
nOMInA tIOns cOMMIttee
The Nominations Committee comprises the three Non-executive Directors and the Chief Executive and meets as required to consider and make 
recommendations on the appointment of Directors to the Board.
sHAreHOlder relA tIOns
The Company meets with its institutional shareholders and analysts as appropriate and encourages communication with private shareholders via 
the Annual General Meeting. In addition, the Company uses the Annual Report and Accounts, Interim Statement and website (www.ath.co.uk) 
to provide further information to shareholders.
The Board considers Mr Vaughan Williams to be the Senior Independent Director.
Corporate governance report
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ATH Resources plc
annual report and accounts 2009
InternAl cOntrOl And rIsK MAnAGeMent
The Board is responsible for the system of internal control and for reviewing its effectiveness. Such systems are designed to manage rather 
than eliminate risks and can provide only reasonable and not absolute assurance against material misstatement or loss. Each year, on behalf 
of the Board, the Audit Committee reviews the effectiveness of these systems. This is achieved primarily by considering the risks potentially 
affecting the Group and discussions with the external auditors.
The Group does not currently have an internal audit function due to the small size of the administrative function and the high level of Director 
review and authorisation of transactions.
A comprehensive budgeting process is completed once a year and is reviewed and approved by the Board. The Group’s results, as compared 
against budget, are reported to the Board on a monthly basis and discussed in detail at each meeting of the Board.
The Group maintains appropriate insurance cover in respect of legal actions against the Directors as well as against material loss or claims 
against the Group and reviews the adequacy of the cover regularly.
FInAncIAl InstruMents
Details of the Group’s financial instruments and associated policies are set out in note 24.
GOInG cOncern bAsIs
After making enquiries, the Directors have formed a judgment, at the time of approving the financial statements, that there is a reasonable 
expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason the Directors 
continue to adopt the going concern basis in the financial statements.
Corporate governance report continued
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ATH Resources plc
annual report and accounts 2009
IntrOductIOn
Companies trading on AIM are not required to provide a formal Remuneration Report. However, in line with current best practice, this report 
provides information to enable a greater level of understanding as to how Directors’ remuneration is determined. The Remuneration Committee 
of the Board is responsible for considering Directors’ remuneration packages and makes its recommendations to the Board. The Committee 
comprises the three Non-executive Directors and meets at least once a year, normally in June. 
reMunerA tIOn POlIcy
Remuneration packages are designed to be competitive and to reward above average performance. Executive Directors receive salary, fully 
financed company car or car allowance, death in service benefit, critical illness and medical cover, pension contribution, annual bonuses 
and share options.
servIce cOntrActs
The Executive Directors have service agreements with the Company. Mr Tom Allchurch and Mr Alistair Black’s agreements are dated 
28 November 2003 for an initial twelve months, thereafter subject to termination upon twelve months’ notice being given by either party. 
Mr Steven Beaumont’s agreement is dated 9 October 2006 with an initial notice period of six months which increased to twelve months 
after one year’s service.
PensIOns
The Group does not have a pension scheme, instead it makes contributions to Executive Directors’ personal pension schemes of 12.5% 
of annual salary.
nOn-executIve dIrectOrs
Mr David Port and Mr Vaughan Williams entered into Letters of Appointment dated 12 May 2004 which were renewed in October 2009. 
Mr Port and Mr Williams were appointed for an initial three year term, which can be terminated upon six months’ notice being given by 
either party. They received fees of £69,628 and £29,994 respectively. Mrs Ivana Ridler was initially appointed as a Non-executive Director 
as the Alchemy Plan’s representative and then as an independent Non-executive Director on 31 October 2006 for an initial three year term. 
Mrs Ridler resigned as a Non-executive Director on 23 February 2009 and received a fee of £11,158. Mr Tim Stokeld was appointed as an 
independent Non-executive Director on 6 May 2009 and received a fee of £10,417. The appointment is subject to an annual review and can be 
terminated upon three months’ notice being given by either party.
dIrectOrs’ reMunerA tIOn
Details of Directors’ remuneration are set out below:
       Sub-total  2009 2008 
    Salary Benefits Bonus  emoluments  Pension total Total 
    £000 £000 £000 £000 £000 £000 £000
executive directors       
T J Allchurch   235 2 16 253 27 280 272
J K Hodgson (resigned 31 October 2007)   — — — — — — 8
A Black   141 16 13 170 18 188 186
S Beaumont   174 15 10 199 21 220 212
non-executive directors       
D C Port   70 — — 70 — 70 68
V M F Williams   30 — — 30 — 30 29
I Ridler (resigned 23 February 2009)   11 — — 11 — 11 26
J T Stokeld (appointed 6 May 2009)   10 — — 10 — 10 —
Total   671 33 39 743 66 809 801
Remuneration committee report
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ATH Resources plc
annual report and accounts 2009
PerFOrMAnce IncentIves
The Group operates an annual cash bonus scheme and grants share options.
The annual bonus scheme provides for a maximum bonus of 35% of salary to be paid by reference to achievement of a Group earnings 
target (10%) and surpassing the earnings target (10%) and individual personal targets (15%).
The Company has the following share incentive arrangements:
b an Inland Revenue Approved Executive Share Option Scheme (“Approved Scheme”);
b an Unapproved Executive Share Option Scheme (“Unapproved Scheme”); and
b a Long Term Incentive Plan (“LTIP”) (together “the Schemes”).
None of the option shares or LTIP requires payment to be made by participants to receive the benefit of an option.
dIrectOrs’ Interests In sHAre OPtIOns
The options and awards have been granted pursuant to the Schemes to the following Directors:
 Number of share options  Performance period  Exercisable
         Performance 
  Exercise 28 September  4 October   target   
  price 2008 Granted 2009 from to (pence) from to
t J Allchurch         
Approved £1.46 20,471 — 20,471 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.33 340,614 — 340,614 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 88,003 — 88,003 1 Oct 04 30 Sep 07 44.20 30 Sep 08 28 Sep 15
Unapproved £2.05 102,439 — 102,439 — — None 15 Jan 11 15 Jan 18
LTIP £1.70 88,003 — 88,003 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
LTIP £0.01 102,439 — 102,439 1 Oct 07 30 Sep 10 (*) 15 Jan 11 15 Jan 18
total  741,969 — 741,969     
A black         
Approved £1.46 20,471 — 20,471 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.33 152,513 — 152,513 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 41,068 — 41,068 1 Oct 04 30 Sep 07 44.20 30 Sep 08 28 Sep 15
Unapproved £2.05 66,341 — 66,341 — — None 15 Jan 11 15 Jan 18
LTIP £1.70 41,068 — 41,068 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
LTIP £0.01 66,341 — 66,341 1 Oct 07 30 Sep 10 (*) 15 Jan 11 15 Jan 18
total  387,802 — 387,802     
s beaumont         
Approved £1.95 15,384 — 15,384 1 Oct 06 30 Sep 09 55.40 8 Jan 10 7 Jan 17
Unapproved £1.95 84,616 — 84,616 1 Oct 06 30 Sep 09 55.40 8 Jan 10 7 Jan 17
Unapproved £2.05 77,073 — 77,073 — — None 15 Jan 11 15 Jan 18
LTIP £1.75 100,000 — 100,000 1 Oct 06 30 Sep 10 75.70 8 Jan 12 7 Jan 17
LTIP £0.01 77,073 — 77,073 1 Oct 07 30 Sep 10 (*) 15 Jan 11 15 Jan 18
total  354,146 — 354,146     
(*)  The LTIP options have an average annual percentage growth in pre-tax earnings per share performance target and will vest as follows:
Remuneration committee report continued
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ATH Resources plc
annual report and accounts 2009
dIrectOrs’ Interests In sHAre OPtIOns cOntInued
Average annual growth in pre-tax earnings per share Proportion of options that will vest
Over 10%         100%
Between 7.5% and 10%         75%
Between 5% and 7.5%         50%
Under 5%         Nil
The performance target on all other options is cumulative pre-tax earnings per share. 
The performance targets for the LTIP scheme with performance period ending 30 September 2008 were achieved and the options have vested.
No Directors exercised any options during the period.
v M F wIllIAMs
cHAIrMAn OF tHe reMunerA tIOn cOMMIttee
8 deceMber 2009
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ATH Resources plc
annual report and accounts 2009
Group consolidated accounts
prepared in accordance with 
international financial reporting standards
 33 Independent auditors’ report
 34 Consolidated income statement
 35 Consolidated balance sheet
 36  Consolidated statement of changes in equity
 37  Consolidated cash flow statement
 38 Group accounting policies
 43  Notes to the group financial statements
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ATH Resources plc
annual report and accounts 2009
We have audited the consolidated financial statements on pages 34 to 57. We have reported separately on the parent company financial 
statements. The financial reporting framework that has been applied in the preparation of the consolidated financial statements is applicable 
law and International Financial Reporting Standards (“IFRS”) as adopted by the European Union. 
This report is made solely to the Company’s members, as a body, in accordance with sections 495 and 496 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.
resPectIve resPOnsIbIlItIes OF dIrectOrs And A udItOrs
As more fully explained in the Directors’ Responsibilities Statement set out on page 23, the Directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements 
in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with 
the Auditing Practices Board’s (“APB’s”) Ethical Standards for Auditors.
scOPe OF tHe A udIt OF tHe FInAncIAl st AteMents
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/UKNP .
OPInIOn On tHe FInAncIAl st AteMents
In our opinion: 
b  the financial statements give a true and fair view of the state of the Group’s affairs as at 4 October 2009 and of the Group’s profit 
for the year then ended;
b the consolidated financial statements have been properly prepared in accordance with IFRS as adopted by the European Union; and
b the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
OPInIOn On OtHer MA tters PrescrIbed by tHe cOMPAnIes Act 2006
In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent 
with the financial statements.
MAtters On wHIcH we Are requIred tO rePOrt by excePtIOn
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
b  adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from 
branches not visited by us; or
b the parent company financial statements are not in agreement with the accounting records and returns; or
b certain disclosures of directors’ remuneration specified by law are not made; or
b we have not received all the information and explanations we require for our audit. 
rIcHArd KInG (senIOr st AtutOry AudItOr)
FOr And On beHAlF OF bAKer tIlly uK A udIt ll P
st AtutOry AudItOr 
cHArtered AccOunt Ants
2 wHIteHAll qu Ay
leeds ls1 4HG
8 deceMber 2009
Independent auditors’ report
to the members of ATH Resources plc
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ATH Resources plc
annual report and accounts 2009
Consolidated income statement
for the year ended 4 October 2009
          2009 2008 
        Notes £000 £000
revenue       2,3 77,465 76,851
Cost of sales        (58,581) (55,429)
Gross profit        18,884 21,422
Other operating income        109 353
Administrative expenses        (10,367) (9,872)
Operating profit        8,626 11,903
Finance costs       5 (2,867) (2,895)
Profit before taxation        5,759 9,008
Tax expense       7 (1,731) (2,878)
Profit for the year       4 4,028 6,130
basic earnings per share       8 10.1p 15.3p
diluted earnings per share       8 10.1p 14.9p
There are no recognised gains or losses other than as stated in the consolidated income statement.
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ATH Resources plc
annual report and accounts 2009
Consolidated balance sheet
as at 4 October 2009
Company number: 4928463
         2009 2008 
        Notes £000 £000
Assets   
non-current assets   
Intangible assets       9 7,657 7,657
Property, plant and equipment       10 78,661 83,458
         86,318 91,115
current assets   
Inventories       12 19,626 14,967
Trade and other receivables       13 9,621 11,133
Cash and cash equivalents        370 1,207
         29,617 27,307
total assets        115,935 118,422
lIAbIlItIes   
current liabilities   
Trade and other payables       14 (13,668) (14,899)
Tax liabilities        (2,234) (1,443)
Financial liabilities – borrowings       15 (19,374) (14,649)
Final void provision       16 (3,337) (1,811)
         (38,613) (32,802)
non-current liabilities   
Financial liabilities – borrowings       15 (20,346) (31,810)
Final void provision       16 (15,123) (15,018)
Deferred tax liabilities       16 (4,334) (4,208)
Other provisions       16 (338) (338)
         (40,141) (51,374)
total liabilities        (78,754) (84,176)
net assets        37,181 34,246
equIty    
Share capital       17 200 200
Share premium       19 27,855 27,855
Share-based payment reserve       19 1,647 1,682
Retained earnings       19 7,479 4,509
total equity        37,181 34,246
The financial statements on pages 34 to 57 were approved by the Board of Directors and authorised for issue on 8 December 2009 and are 
signed on its behalf by:
s beAuMOnt
FInAnce dIrectOr And cOMPAny secret Ary
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ATH Resources plc
annual report and accounts 2009
Consolidated statement of changes in equity
for the year ended 4 October 2009
          Total 
      Called up  Share Share-based  equity 
      share premium payment Retained shareholders’ 
      capital account  reserve earnings funds 
      £000 £000 £000 £000 £000
At 1 October 2007     199 27,563 1,313 3,028 32,103
Issue of ordinary shares     1 292 — — 293
Addition to share-based payment reserve     — — 369 — 369
Profit for the year     — — — 6,130 6,130
Dividends paid     — — — (4,649) (4,649)
At 28 September 2008     200 27,855 1,682 4,509 34,246
Reduction in share-based payment reserve     — — (35) — (35)
Profit for the year     — — — 4,028 4,028
Dividends paid     — — — (1,058) (1,058)
At 4 October 2009     200 27,855 1,647 7,479 37,181
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ATH Resources plc
annual report and accounts 2009
Consolidated cash flow statement
for the year ended 4 October 2009
         2009 2008 
        Notes £000 £000
Cash flows from operating activities   
Cash generated from operations       23 17,777 22,588
Interest paid        (2,546) (2,558)
Tax paid        (813) (1,542)
net cash from operating activities        14,418 18,488
Cash flows from investing activities   
Proceeds from sale of property, plant and equipment       20 197
Interest received        3 64
Government grant received        — 204
Purchases of property, plant and equipment        (7,252) (13,624)
Acquisition of subsidiary        — (150)
net cash used in investing activities        (7,229) (13,309)
Cash flows from financing activities   
Dividends paid        (1,058) (4,649)
Repayment of borrowings        (5,344) (6,323)
Payment of finance lease liabilities        (9,938) (7,899)
Proceeds from the issue of share capital       19  — 293
New asset-backed finance raised        2,725 —
New bank loans raised          — 22,700
Net cash (used in)/from financing activities       (13,615) 4,122
net (decrease)/increase in cash and cash equivalents      (6,426) 9,301
Cash and cash equivalents at beginning of period       1,207 (8,094)
cash and cash equivalents at end of period        (5,219) 1,207
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ATH Resources plc
annual report and accounts 2009
Group accounting policies
bAsIs OF AccOuntInG
The financial statements have been prepared in accordance with IFRS. The financial statements have also been prepared in accordance with 
IFRS adopted by the EU and therefore these financial statements comply with Article 4 of the EU IAS Regulation.
The financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments which 
are carried at fair value. The principal accounting policies adopted are set out below.
The Directors have prepared cash flow projections for the coming twelve months which show that the level of cash requirements are within 
the Group’s existing borrowing facilities. On the basis of this cash flow information, the Directors consider that the Group will continue to 
operate within the facilities currently and anticipated to be available to the Group. On this basis, the Directors consider it is appropriate to 
prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result 
from this not being the case.
bAsIs OF cOnsOlIdA tIOn 
The consolidated financial statements incorporate the financial statements of ATH Resources plc and entities controlled by the Company made 
up to the end of September each year. Control is achieved where the Company has the power to govern the financial and operating policies 
of an investee entity so as to obtain benefits from its activities.
Aardvark TMC Limited (“Aardvark”) has 20,000 ‘B’ ordinary shares not owned by ATH Resources plc, subscribed at their nominal value 
of 1 pence each in addition to the ordinary shares wholly owned by ATH Resources plc.
The ‘B’ ordinary shares only carry the rights to receive a one off dividend in the event that Aardvark TFC Limited or SRMMC (Aardvark’s subsidiary 
and sub-subsidiary) are awarded damages in respect of existing and future litigation against the French State. The ‘B’ ordinary shares carry no 
voting rights or rights to receive any other dividend. As a result, the ‘B’ ordinary shares are not accounted for as a minority interest as it is not 
material for the purposes of giving a true and fair view.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date 
of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those 
used by the Group.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
revenue recOGnItIOn
Revenue from the sale of coal is recognised when the risks and rewards of ownership have passed to the customer. This is usually when 
the coal is delivered to the location specified by the customer, generally on loading into transport where the customer is responsible for the 
transportation. Revenue is measured at the fair value of the consideration received or receivable and is shown net of discounts, VAT and other 
sales-related taxes. 
Additional revenue earned from customer contributions in respect of land remediation work is recognised over the life of the coal tip washing 
operation. The amount of revenue included reflects the proportion of contracted work completed.
retIreMent beneFIt cOsts 
The Group only makes payments to defined contribution retirement benefit schemes which are charged as an expense as they fall due. 
bOrrOwInG cOsts
All borrowing costs are recognised in the consolidated income statement in the period in which they are incurred.
dIvIdends
Dividends are recorded in the Group’s financial statements in the period in which they are declared and paid.
_1_ATH_ar09_Back.indd   17 15/12/2009   12:20:28 39
ATH Resources plc
annual report and accounts 2009
tAxA tIOn
Income tax on the profit or loss for the periods presented comprises both current and deferred tax. Income tax is recognised in the 
consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised 
in the consolidated statement of recognised changes in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates that have been enacted or substantively enacted 
by the balance sheet date and any adjustment to tax payable in respect of previous years.
The tax currently payable is based on taxable profit for the year. T axable profit differs from net profit as reported in the consolidated income statement 
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable 
or deductible.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the 
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet 
liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised 
to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
The following temporary differences are not provided for in accordance with IFRS:
b goodwill not deductible for taxation purposes;
b initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and
b differences relating to investments in subsidiaries to the extent that these will probably not reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised using 
tax rates enacted or substantively enacted by the balance sheet date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities 
and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities 
on a net basis.
GOvernMent GrAnts
Government grants relating to property, plant and equipment are released to profit or loss over the expected useful lives of the assets concerned. 
The grant received is deducted from the carrying amount of the asset and the income is recognised by way of a reduced depreciation charge. 
The consolidated cash flow statement discloses the purchase of assets and the receipt of related grants as separate items.
sHAre-bAsed PA yMents
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value 
(excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled 
share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually 
vest and adjusted for the effect of non market-based vesting conditions. Fair value is measured by use of a Binomial model.
GOOdwIll And busIness cOMbInA tIOns
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate of the 
fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group in exchange 
for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and 
contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date.
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable 
assets and liabilities of a subsidiary at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured 
at cost less any accumulated impairment losses. Negative goodwill arising on an acquisition is recognised immediately in the consolidated 
income statement.
Goodwill, which is recognised as an asset, is reviewed for impairment at least annually. Any impairment is recognised immediately in the 
consolidated income statement and is not subsequently reversed. For the purpose of impairment testing, goodwill is allocated to each 
of the Group’s cash-generating units (“CGUs”) expected to benefit from the synergies of the combination. CGUs to which goodwill has been 
allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable 
amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any 
goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. 
An impairment loss recognised for goodwill is not reversed in a subsequent period.
On disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
_1_ATH_ar09_Back.indd   18 15/12/2009   12:20:28 40
ATH Resources plc
annual report and accounts 2009
Group accounting policies continued
PrOPerty , PlAnt And equIPMent 
All property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation 
commences when the asset is brought into use or, in the case of mine purchase and development costs, on the commencement of 
full production.
Mine exploration and development costs are expensed until such time that the Group has the legal rights to explore the prospective site. 
Exploration and evaluation costs, incurred after legal rights are obtained, are capitalised and subsequently impaired if facts and circumstances 
indicate that the site is not commercially viable and will not therefore be worked. 
Costs incurred in preparing and developing sites which are considered commercially viable and technically feasible are capitalised up to the 
start of production.
Depreciation is charged so as to write off the cost of assets less estimated residual value, over their estimated useful lives, in annual instalments, 
on the following bases:
Freehold land:  not depreciated 
Freehold buildings:  4% 
Mine purchase and development: tonnage basis over the estimated total recoverable reserve 
Plant and machinery:  10–50%
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or over the term of the 
relevant lease.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying 
amount of the asset and is recognised in income.
IMPAIrMent OF PlAnt, PrOPerty And equIPMent And Int AnGIble Assets excludInG GOOdwIll
At each balance sheet date, the Group reviews the carrying amounts of its plant, property and equipment and intangible assets to determine 
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of 
the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that 
are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows 
are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money 
and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (CGU) 
is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is increased to the revised estimate of its recoverable 
amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment 
loss been recognised for the asset (CGU) in prior years. A reversal of an impairment loss is recognised as income immediately.
leAsInG
The Group only acts as a lessee. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks 
and rewards of ownership. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets of the Group at their fair value or, at the present value of the minimum lease 
payments, each determined at the inception of the lease. The corresponding liability to the lessor is included in the consolidated balance sheet 
as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve 
a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income.
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease.
InventOrIes 
Inventories include coal stocks, work in progress and spare parts and tyres stated at the lower of cost and net realisable value. Coal stocks 
are mined coal stocks on hand. Work in progress represents the costs incurred on mining operations where the related coal has not yet 
been extracted from the ground.
Cost comprises direct materials, plant costs, direct labour and relevant overheads that have been incurred in bringing the coal and work 
in progress to its present location and condition. Cost is calculated using the weighted average method. Net realisable value represents 
the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
_1_ATH_ar09_Back.indd   19 15/12/2009   12:20:28 41
ATH Resources plc
annual report and accounts 2009
FInAncIAl InstruMents
Financial assets and financial liabilities are recognised in the consolidated balance sheet when the Group becomes a party to the contractual 
provisions of the instrument, and are only derecognised when the contractual provisions expire or have been discharged, or substantially 
all the risks and rewards of ownership have been transferred.
FInAncIAl Assets
Financial assets are principally made up of items classified under IFRS as “loans and receivables”. The classification depends on the nature 
and purpose of the financial assets and is determined at the time of initial recognition.
Loans and receivables constitute trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in 
an active market. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income 
is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial.
These financial assets are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is 
objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, its estimated future 
cash flows have been impacted. 
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are subsequently 
assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Group’s past 
experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 60 days, 
as well as observable changes in national or local economic conditions that correlate with default on receivables.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, 
where the carrying amount is reduced through the use of an allowance for bad debts. When a trade receivable is considered uncollectible, it is 
written off against the allowance for bad debts. Subsequent recoveries of amounts previously written off are credited against the allowance 
for bad debts. Changes in the carrying amount of the allowance account are recognised in the consolidated income statement.
cAsH And cAsH equIv Alents
Cash and cash equivalents comprise cash at hand, cash on demand deposits, and other short term highly liquid investments that are readily 
convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
FInAncIAl lIAbIlItIes And equIty
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 
equIty InstruMents
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. 
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
FInAncIAl lIAbIlItIes 
Financial liabilities are classified as either financial liabilities at “fair value through profit or loss” (“FVTPL”) or “other financial liabilities”. 
Financial liabilities are classified as FVTPL where the financial liability is either held for trading or it is designated as at FVTPL.
Other financial liabilities, including borrowings and trade and other payables, are initially measured at fair value, net of transaction costs. 
Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised 
on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating 
interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through 
the expected life of the financial liability or, where appropriate, a shorter period.
PrOvIsIOns
Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be 
required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation 
at the balance sheet date and are discounted to present value where the effect is material.
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ATH Resources plc
annual report and accounts 2009
Group accounting policies continued
FInAl vOId PrOvIsIOns
Following the conclusion of coal extraction the final working void of a surface coal site must be back filled. The total cost of this operation 
is recognised as a provision on site commissioning when the obligation arises. The amount provided represents the present value of the 
expected costs. Costs are charged to the provision as incurred and the unwinding of the discount, being the difference between the present 
value and the total cost of the provision, is included in the interest charge for the period. An asset is created for an amount equivalent to 
the initial provision. This is charged to the consolidated income statement on a tonnage basis over the estimated life of the recoverable reserves.
new st AndArds And InterPret AtIOns nOt APPlIed
At the date of issue of these financial statements, the following standards and interpretations which have not been applied in these 
financial statements were in issue but not yet effective:
IFRIC 17 ’Distributions of Non-cash Assets to Owners’
IFRIC 18 ‘Transfers of Assets from Customers’
IFRS 8 ‘Operating Segments’
Amendments to IAS 1 ‘Presentation of Financial Statements – a Revised Presentation’
Amendments to IAS 23 ‘Borrowing Costs’
IFRS 3 (revised) ‘Business Combinations’
Amendments to IAS 39 ‘Financial Instruments: Recognition and Measurement – Eligible Hedged Items’
IAS 27 ‘Consolidated and Separate Financial Statements’
The Directors do not anticipate that adoption of these standards and interpretations would have a material impact on these consolidated 
financial statements. 
sIGnIFIcAnt JudGMents
Management exercises significant judgment in the determination of the provisions for the costs required in respect of restoring the final void 
and site to an agreed condition. Amounts provided are based on management experience and historical out-turns, together with regular 
external expert consultation as is deemed appropriate.
Key AssuMPtIOns And estIMA tes
Amounts in the consolidated financial statements that are subject to significant estimates are as follows:
b  coal reserves and overburden – capitalised mine purchase and development costs are amortised over the tonnage of coal expected to be 
extracted in the future which has been calculated using experience and geo-technical engineering findings. If the amount of coal expected to 
be extracted varies, this will impact on the amount of the asset which should be carried in the consolidated balance sheet. Work in progress 
balances are based on an analysis of the remaining coal and overburden volumes at the period end. If the amount of remaining coal or 
overburden varies, this will impact on the work in progress volume that should be carried;
b  restoration and closure provisions – estimated provisions are established in the consolidated balance sheet and amortised in proportion to 
the coal expected to be extracted from a site. If that expected tonnage or the actual cost varies, then the provision may be under or overstated. 
Final void provision values are assessed using experience and detailed restoration plans. The Group appoints independent experts to review 
the carrying value of final void provisions on an annual basis. The provisions are disclosed in note 16; and
b  goodwill impairment – determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units 
to which these assets have been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to 
arise from the cash-generating unit and a suitable discount rate in order to calculate present value.
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ATH Resources plc
annual report and accounts 2009
Notes to the group financial statements
for the year ended 4 October 2009
1 GenerAl InFOrMA tIOn
ATH Resources plc is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office 
is given on page 21. The nature of the Group’s operations and its principal activities are set out in the Directors’ Report.
These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which 
the Group operates. Foreign operations are included in accordance with the accounting policies of the Group.
2 seGMent Al rePOrtInG
The Group’s result was derived from its principal activities undertaken wholly within the UK. The Group is currently organised into two 
operating divisions – surface mining and regeneration, as described in the Chief Executive’s Statement. These divisions are the basis on 
which the Group reports its primary segment information.
Segment information about these businesses is presented below: 
 2009  2008
     surface    Surface   
     mining r egeneration consolidated mining Regeneration Consolidated 
Income statement    £000 £000 £000 £000 £000 £000
revenue      
Total revenue    77,465 — 77,465 65,673 11,178 76,851
result      
Segment result    11,764 (2,376) 9,388 9,843 3,214 13,057
Unallocated corporate expenses      (762)   (1,154)
Operating profit      8,626   11,903
Finance costs      (2,867)   (2,895)
Profit before tax      5,759   9,008
Tax      (1,731)   (2,878)
Profit after tax       4,028   6,130
balance sheet      
Assets      
Segment assets    100,110 12,861 112,971 102,535 13,497 116,032
Unallocated corporate assets      2,964   2,390
consolidated total assets      115,935   118,422
liabilities      
Segment liabilities    (65,975) (2,473) (68,448) (66,565) (4,495) (71,060)
Unallocated corporate liabilities      (10,306)   (13,116)
consolidated total liabilities      (78,754)   (84,176)
Other information      
Capital additions    6,437 1,043 7,480 26,574 1,369 27,943
Depreciation    15,222 242 15,464 13,075 391 13,466
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ATH Resources plc
annual report and accounts 2009
Notes to the group financial statements continued
for the year ended 4 October 2009
3 revenue
The Group’s revenue is analysed as follows:
         2009 2008 
         £000 £000
Revenue – sales of goods        77,465 76,688
Other operating income – sundry services        — 163
         77,465 76,851
4 PrOFIt FOr tHe yeAr
         2009 2008 
         £000 £000
Profit for the year has been arrived at after charging:  
Depreciation of tangible assets:  
 – owned assets       10,694 7,843
 – leased assets       4,770 5,623
Cost of inventories        58,581 55,429
Share-based payment (credit)/charge (note 18)       (35) 369
Staff costs (note 6)        16,434 16,628
Costs of mineral exploration and evaluation        444 366
Rentals under operating leases:  
  – plant and machinery       272 174
  – land and buildings       31 34
Auditors’ remuneration    
Associates of Baker Tilly UK Audit LLP:  
  – fees payable to the Company’s auditors for the audit of the Company’s annual accounts 25 30
  – the audit of the Company’s subsidiaries pursuant to legislation    35 32
Total audit fees:         60 62
  – tax services – Baker Tilly Tax and Accounting Ltd    20 30
          80 92
5 FInAnce cOsts
         2009 2008 
         £000 £000
Bank overdraft and loan interest        947 1,349
Finance leases and hire purchase contracts interest       1,329 1,145
Final void provision discount        591 401
         2,867 2,895
6 st AFF cOsts
         2009 2008 
staff costs during the year (including directors)        £000 £000
Wages and salaries        14,455 14,723
Social security costs        1,619 1,602
Pension costs        360 303
         16,434 16,628
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ATH Resources plc
annual report and accounts 2009
6 st AFF cOsts cOntInued
         2009 2008 
Average number of employees        number Number
Office and management        90 74
Production        304 344
         394 418
         2009 2008 
directors’ emoluments        £000 £000
Directors’ emoluments        743 737
Pension contributions        66 64
         809 801
         2009 2008 
Highest paid director        £000 £000
Emoluments        253 246
Pension contributions        27 26
         280 272
7 tAx exPense
Tax recognised in the income statement:
         2009 2008 
         £000 £000
United Kingdom Corporation Tax:  
– on profits for the year        1,663 2,360
– adjustment in respect of prior periods        (58) (87)
Total current tax recognised        1,605 2,273
Deferred taxation charge:  
– accelerated capital allowances        (54) 518
– on share-based payments        180 87
Total deferred tax recognised        126 605
Total tax expense recognised        1,731 2,878
The total tax charge assessed for the year differs from the standard rate of UK tax as reconciled below:
         2009 2008 
         £000 £000
Profit on ordinary activities before taxation        5,759 9,008
Profit before taxation multiplied by standard rate of tax for the period of 28% (2008: 29%)    1,613 2,612
Expenses not deductible for tax purposes        85 306
Depreciation not allowable for tax purposes        28 214
Adjustments to deferred tax relating to prior years       (117) —
Tax relief on exercise of share options        — (12)
Impact of deferred tax on share options        180 87
Effect of change in tax rates        — (242)
Adjustment in respect of prior periods        (58) (87)
Total tax expense        1,731 2,878
Effective tax rate        30.1% 32.0%
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ATH Resources plc
annual report and accounts 2009
8 eArnInGs Per sHAre
Basic earnings per share is calculated on profit after tax of £4,028,000 (2008: £6,130,000) and a weighted average number of shares of 
40,075,158 (2008: 40,062,310). The diluted earnings per share takes account of share options outstanding to employees as set out below:
        2009 2008 
        number Number
Weighted average number of shares in issue       40,075,158 40,062,310
Weighted average number of dilutive share options      — 1,087,910
Total number of shares for calculating diluted earnings per share     40,075,158 41,150,220
9 Int AnGIble Assets – GOOdwIll
          £000
cost 
At 1 October 2007          7,169
Addition in year         488
At 28 September 2008 and 4 October 2009        7,657
Goodwill is not amortised but is reviewed annually for impairment, or more frequently if internal or external factors indicate that goodwill might 
be impaired. Goodwill acquired in a business combination is allocated to the CGU which is expected to benefit from that acquisition. CGUs are 
the lowest level of trading operation at which goodwill is separately considered and are consistent with the segmental analysis set out in note 2.
The carrying value is allocated to CGUs as follows:
         2009 2008 
         £000 £000
Surface Mining        1,413 1,413
Regeneration        6,244 6,244
         7,657  7,657
A goodwill asset is impaired if its carrying value exceeds the CGUs recoverable amount which is based on its value in use. At both 
28 September 2008 and 4 October 2009, impairment reviews were performed by calculating the value in use of each CGU and comparing this 
with the carrying value of goodwill. The value in use is calculated using cash flow forecasts from the most recent budget and business plan for 
the next five years and then at a terminal value based on a five year multiple of earnings. The forecasts include the following key assumptions:
         Surface  
         Mining Regeneration
Growth rate        2% 2%
Discount rate        10% 10%
Direct costs growth        3% 3%
Sales prices growth        3% 3%
The estimated growth rates are based on past experience, knowledge of the market sectors and the current forecast of the opportunities 
open to the business in all of their markets.
Management estimates discount rates using pre-tax rates that reflect current assessments of the time value of money and the risks specific to each CGU.
Changes in direct costs are based on past experience and expectations of the future, particularly the impact of oil prices.
Sales price growth is based on current contractual agreements and expectation of the future changes given the market forward price curves 
and estimate of exchange rates, particularly sterling and the US dollar.
There are no instances of goodwill impairment from the annual impairment tests performed in 2008 and 2009.
The Group has conducted a sensitivity analysis on the impairment test of the carrying value of each CGU. In the Surface Mining business, 
an increase in the discount rate of 5% would result in the carrying value being reduced to its carrying amount. In the Regeneration business 
forecast cash flows would need to reduce by 73% to reduce the carrying value to its carrying amount.
The goodwill impairment review analysing the carrying value of the Regeneration CGU considered the lack of productive operations and the loss 
reported by the segment in the year (note 2). The post year end planning consent for the Langton site, enabling the CGU to return to production, 
and the planned future business opportunities mean the Group is satisfied that the goodwill relating to the Regeneration CGU is not impaired.
Notes to the group financial statements continued
for the year ended 4 October 2009
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ATH Resources plc
annual report and accounts 2009
10 PrOPerty , PlAnt And equIPMent
       Freehold Mine   
       land and  purchase and  Plant and  
       buildings development machinery Total 
       £000 £000 £000 £000
cost     
1 October 2007      5,561 43,957 44,719 94,237
Additions      5,314 6,799 15,830 27,943
Recognised in the year      — 4,797 — 4,797
Disposals      — (33) (742) (775)
28 September 2008      10,875 55,520 59,807 126,202
Additions      — 4,639 2,841 7,480
Recognised in year      — 3,229 — 3,229
Disposals      — (24) (70) (94)
4 October 2009      10,875 63,364 62,578 136,817
depreciation    
1 October 2007      66 19,367 10,448 29,881
Charge in the year      147 7,030 6,289 13,466
Disposals      — — (603) (603)
28 September 2008      213 26,397 16,134 42,744
Charge in the year      81 9,228 6,155 15,464
Disposals      — — (52) (52)
4 October 2009      294 35,625 22,237 58,156
net book value    
4 October 2009      10,581 27,739 40,341 78,661
28 September 2008      10,662 29,123 43,673 83,458
The Group’s obligations under finance leases and hire purchase contracts (note 15) are secured by the lessor’s title to the leased assets which 
have a carrying value of £30,419,000 (2008: £38,614,000).
Mine purchase and development includes assets under construction with a carrying value of £1.0 million.
11 Invest Ments
     Proportion   
   Country of Type of   of voting Proportion of  Nature of 
   registration shares rights held shareholding business
Name of company directly owned     
Aardvark TMC Limited  England Ordinary 100% 100% Surface coal mining
ATH Garleffan Limited  England Ordinary 100% 100% Non-trading
ATH Regeneration Limited  England Ordinary 100% 100% Land remediation
ATH (2009) Limited   England Ordinary 100% 100% Surface mining project development
Held by subsidiary     
A Ogden & Sons Limited  England Ordinary 100% 100% Non-trading
Aardvark TFC Limited  England Ordinary 100% 100% Intermediary holding company
Pacific West Coal Pty Ltd  Australia Ordinary 100% 100% Land remediation project development
Société des Ressources Minières  
du Massif Central (“SRMMC”)  France Ordinary 100% 100% Surface mining project development 
Aardvark TMC Limited has 20,000 ‘B’ ordinary shares, subscribed at a nominal value of 1 pence each, in addition to the ordinary shares wholly 
owned by ATH Resources plc.
The ‘B’ ordinary shares carry the rights only to receive a one off dividend in the event that its subsidiary, Aardvark TFC Limited, or its subsidiary 
SRMMC, are awarded damages in respect of the existing and future litigation against the French State. The ‘B’ ordinary shares carry no voting 
rights or rights to receive any other dividend. As a result the ‘B’ ordinary shares are not accounted for as a minority interest.
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annual report and accounts 2009
12 InventOrIes
         2009 2008 
         £000 £000
Coal inventories        7,237 5,873
Work in progress        10,890 7,725
Other inventories        1,499 1,369
         19,626 14,967
The Group pledged £2.8 million (2008: £nil) of coal inventories as security for borrowings drawn under the debtors and stock based 
short term lending facility. During the year, the Group reviewed the direct production costs allocated to the various Surface Mining activities. 
This resulted in a revised allocation of certain mining costs into categories which led to their proper inclusion in the valuation of work in progress. 
This refinement led to the recognition of an additional £0.7 million in work in progress.
13 trAde And OtHer receIv Ables
         2009 2008 
         £000 £000
Trade receivables        8,403 10,321
Prepayments and accrued income        827 386
Other debtors        391 426
         9,621 11,133
The average credit period taken on sales of goods in 2009 is 39 days (2008: 49). No allowance for bad debts is held due to the insignificant 
levels of default arising in recent years and the credit insurance held.
Due to the nature of the Group’s activities, trade receivables consist of a relatively small number of individual balances. Credit insurance 
is maintained and the Directors monitor receivable balances to ensure any exposure is minimised. Before accepting any new customer the 
Directors review and consider the potential customer’s credit worthiness using experience of the relevant company, the industries into which 
it sells and the availability of insurance. 
         2009 2008 
Ageing of overdue but not impaired receivables        £000 £000
1–30 days overdue        796 520
31–60 days overdue        — —
60+ days overdue        219 84
         1,015 604
14 trAde And OtHer PA yAbles
         2009 2008 
         £000 £000
Trade payables        8,318 9,090
Other taxation and social security        2,943 1,798
Other payables        283 305
Accruals and deferred income        2,124 3,706
         13,668 14,899
Notes to the group financial statements continued
for the year ended 4 October 2009
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annual report and accounts 2009
15 FInAncIAl lIAbIlItIes – bOrrOwInGs
         2009 2008 
current        £000 £000
Bank overdraft        5,589 —
Bank loans        5,992 5,317
Obligations under finance leases and hire purchase contracts      7,793 9,332
         19,374 14,649
         2009 2008 
non-current        £000 £000
Bank loans        8,542 14,560
Obligations under finance leases and hire purchase contracts      11,804 17,250
         20,346 31,810
The effective interest rates at the balance sheet date were as follows:
         2009 2008 
         % %
Bank overdraft        1.9 6.0
Bank loans        3.0 6.3
Obligations under finance leases and hire purchase contracts      6.0 6.1
Total financial liabilities are repayable as follows:
 2009
         Finance  
       bank bank leases and  
       overdraft loans HP contracts total 
       £000 £000 £000 £000
On demand or within one year      5,589 5,992 7,793 19,374
More than one year but not more than two years     — 8,233 5,727 13,960
More than two years but not more than five years     — 150 6,077 6,227
Five years or more      — 159 — 159
       5,589 14,534 19,597 39,720
 2008
         Finance  
       Bank Bank leases and  
       overdraft loans HP contracts Total 
       £000 £000 £000 £000
On demand or within one year      — 5,317 9,332 14,649
More than one year but not more than two years     — 5,992 7,513 13,505
More than two years but not more than five years     — 8,333 9,737 18,070
Five years or more      — 235 — 235
       — 19,877 26,582 46,459
The bank loans are secured by a fixed charge over certain assets of the Group. Obligations under finance leases and hire purchase contracts 
are secured on the related assets.
Undrawn borrowing facilities at the balance sheet date amounted to £4.1 million.
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annual report and accounts 2009
15 FInAncIAl lIAbIlItIes – bOrrOwInGs cOntInued
Minimum obligations under finance leases:
         2009 2008 
         £000 £000
Within one year        8,686 10,508
In the second to fifth years        12,776 18,897
         21,462 29,405
Less future finance charges        (1,865) (2,823)
Present value of lease obligations        19,597 26,582
All obligations under finance leases and hire purchase contracts relate to the acquisition of plant and machinery.
The fair value of the Group’s lease obligations approximates to their carrying amount.
16 PrOvIsIOns
           
       Deferred Final void  Deferred  
       consideration provision  tax Total 
       £000 £000 £000 £000
1 October 2007      — 12,223 3,603 15,826
Created in the year      338 5,142 605 6,085
Discount accrued      — 401 — 401
Charged to profit and loss      — 220 — 220
Utilised in the year      — (1,157) — (1,157)
28 September 2008      338 16,829 4,208 21,375
Created in the year      — 2,437 126 2,563
Discount accrued      — 591 — 591
Charged to profit and loss      — 653 — 653
Utilised in the year      — (2,050) — (2,050)
4 October 2009      338 18,460 4,334 23,132
A total of £3,337,000 (2008: £1,811,000) of the final void provision is classified as a current liability to reflect the time profile of anticipated works.
The deferred consideration relates to the acquisition in 2008 of Pacific West Coal Pty Ltd where under the terms of the acquisition agreement, 
a contingent consideration is payable depending on the Group’s level of success in obtaining future contracts. The potential consideration 
payable under the agreement is £7.5 million, and the Directors’ best estimate of the deferred consideration is £338,000.
Deferred tax comprises:
         2009 2008 
         £000 £000
Capital allowances in excess of depreciation        4,362 4,434
Other timing differences        (28) (226)
         4,334 4,208
17 cAlled uP sHAre cAPIt Al
 2009  2008
Ordinary shares of 0.5 pence each     number £000   Number  £000
Authorised    200,000,000 1,000 200,000,000 1,000
Called up and fully paid    40,075,158 200 40,075,158 200
During the year, the Company issued no new share capital.
Notes to the group financial statements continued
for the year ended 4 October 2009
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18 sHAre-bAsed PA yMents
Share options have been granted and are still outstanding under the ATH Resources plc Approved Executive Share Option Scheme, 
the ATH Resources plc Unapproved Executive Share Option Scheme and the ATH Resources plc Long Term Incentive Plan as follows:
AtH resOurces Plc APPrOved executIve sHAre OPtIOn scHeMe
The following options had been granted and were still outstanding under the scheme:
AT 4 OCTOBER 2009
   Options     Options 
  Exercise outstanding Granted Forefeited Exercised outstanding Performance period  Performance
  price 28 September during during during 4 October   target 
Date of grant £ 2008 the year the year the year 2009 from to (pence)
1 November 2004 1.46 102,355 — — — 102,355 1 Oct 03 30 Sep 06 38.68
7 January 2007 1.95 30,768 — — -— 30,768 1 Oct 06 30 Sep 09 55.40
   133,123 — — — 133,123   
AT 28 SEPTEMBER 2008
   Options     Options 
  Exercise outstanding Granted Forefeited Exercised outstanding Performance period  Performance
  price 30 September during during during 28 September   target 
Date of grant £ 2007 the year the year the year 2008 from to (pence)
1 November 2004 1.46 163,768 — — (61,413) 102,355 1 Oct 03 30 Sep 06 38.68
7 January 2007 1.95 30,768 — — — 30,768 1 Oct 06 30 Sep 09 55.40
   194,536 — — (61,413) 133,123   
The options are exercisable between three and ten years from the date of grant subject to the achievement of performance criteria. 
The performance target is cumulative pre-tax earnings per share.
AtH resOurces Plc unAPPrOved executIve sHAre OPtIOn scHeMe
The following options had been granted and were still outstanding under the scheme:
AT 4 OCTOBER 2009
   Options     Options 
  Exercise outstanding Granted Forefeited Exercised outstanding Performance period  Performance
  price 28 September during during during 4 October   target 
Date of grant £ 2008 the year the year the year 2009 from to (pence)
11 June 2004 1.33 972,002 — — — 972,002 1 Oct 03 30 Sep 06 38.68
29 September 2005 1.85 404,916 — (22,784) — 382,132 1 Oct 04 30 Sep 07 44.20
3 October 2006 2.065 76,950 — — — 76,950 1 Oct 05 30 Sep 08 44.50
8 January 2007 1.95 141,732 — — — 141,732 1 Oct 06 30 Sep 09 55.40
15 January 2008 2.05 301,951 — — — 301,951 — — None
   1,897,551 — (22,784) — 1,874,767   
AT 28 SEPTEMBER 2008
   Options     Options 
  Exercise outstanding Granted Forefeited Exercised outstanding Performance period  Performance
  price 30 September during during during 28 September   target 
Date of grant £ 2007 the year the year the year 2008 from to (pence)
11 June 2004 1.33 1,124,415 — — (152,413) 972,002 1 Oct 03 30 Sep 06 38.68
29 September 2005 1.85 496,170 — (91,254) — 404,916 1 Oct 04 30 Sep 07 44.20
3 October 2006 2.065 76,950 — — — 76,950 1 Oct 05 30 Sep 08 44.50
8 January 2007 1.95 141,732 — — — 141,732 1 Oct 06 30 Sep 09 55.40
15 January 2008 2.05 — 301,951 — — 301,951 — — None
   1,839,267 301,951 (91,254) (152,413) 1,897,551   
The options are exercisable between three and ten years from the date of grant subject to the achievement of performance criteria. 
The performance target is cumulative pre-tax earnings per share.
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annual report and accounts 2009
18 sHAre-bAsed PA yMents cOntInued
AtH resOurces Plc lOnG terM IncentIve PlAn
The following options had been granted and were still outstanding under the scheme:
AT 4 OCTOBER 2009
   Options     Options 
  Exercise outstanding Granted Forefeited Exercised outstanding Performance period  Performance
  price 28 September during during during 4 October   target 
Date of grant £ 2008 the year the year the year 2009 from to (pence)
29 September 2005 1.70 404,916 — (22,784) — 382,132 1 Oct 04 30 Sep 08 59.80
3 October 2006 1.80 76,950 — — — 76,950 1 Oct 05 30 Sep 09 60.80
8 January 2007 1.75 172,500 — — — 172,500 1 Oct 06 30 Sep 10 75.70
15 January 2008 0.01 665,110 — (15,254) — 649,856 1 Oct 07 30 Sep 10 See below
   1,319,476 — (38,038) — 1,281,438   
AT 28 SEPTEMBER 2008
   Options     Options 
  Exercise outstanding Granted Forefeited Exercised outstanding Performance period  Performance
  price 30 September during during during 28 September   target 
Date of grant £ 2007 the year the year the year 2008 from to (pence)
29 September 2005 1.70 496,170 — (91,254) — 404,916 1 Oct 04 30 Sep 08 59.80
3 October 2006 1.80 76,950 — — — 76,950 1 Oct 05 30 Sep 09 60.80
8 January 2007 1.75 172,500 — — — 172,500 1 Oct 06 30 Sep 10 75.70
15 January 2008 0.01 — 665,110 — — 665,110 1 Oct 07 30 Sep 10 See below
   745,620 665,110 (91,254) — 1,319,476   
The options issued in 2005, 2006 and 2007 are exercisable between five and ten years from the date of grant subject to the achievement of 
performance criteria. The performance criteria are cumulative pre-tax earnings per share. The options issued in 2008 are exercisable between 
three and ten years from the date of grant subject to the achievement of the performance criteria. The performance target is average annual 
growth in pre-tax earnings per share. If the average pre-tax earnings per share increases by over 10% per annum over the performance period, 
the full award will vest. If the average pre-tax earnings per share increases by between 7.5% and 10%, 75% of the award will vest. If the average 
pre-tax earnings per share increases by between 5% and 7.5%, 50% of the award will vest. If the average pre-tax earnings per share increases 
by less than 5% per annum, the options will lapse. 
Total options exercisable over the shares of the Company at the year end were 1,533,439 (2008: 1,479,273).
The Group recognised a total (credit)/charge in relation to share-based payments as follows:
         2009 2008 
         £000 £000
Equity settled share-based payments        (35) 369
Notes to the group financial statements continued
for the year ended 4 October 2009
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annual report and accounts 2009
19 reserves
         Share-based  
        Share payment Retained 
        premium reserve earnings 
        £000 £000 £000
1 October 2007       27,563 1,313 3,028
Issue of ordinary shares       292 — —
Addition to share-based payment reserve       — 369 —
Profit for the period       — — 6,130
Dividends paid       — — (4,649)
28 September 2008       27,855 1,682 4,509
Reduction in share-based payment reserve       — (35) —
Profit for the period       — — 4,028
Dividends paid       — — (1,058)
4 October 2009       27,855 1,647 7,479
20 equIty dIvIdends
declAred And PAId durInG tHe FInAncIAl yeAr 
         2009 2008 
         £000 £000
Final dividend for the year ended 28 September 2008: 2.64 pence per share (2007: 8.24 pence per share)   1,058 3,302
Interim dividend for the year ended 4 October 2009: nil pence per share (2008: 3.36 pence per share)   — 1,347
         1,058 4,649
Proposed after the balance sheet date and not recognised as a liability   
Final dividend for the year ended 4 October 2009: 6.15 pence per share (2008: 2.64 pence per share)   2,465 1,058
21 OPerA tInG leAse cOMMItMents
At 4 October 2009 the Group was committed to making the following minimum lease payments in respect of operating leases:
 2009  2008
       land and  Land and  
       buildings Other buildings Other 
       £000 £000 £000 £000
Plant and machinery     
Not later than one year      1 14 31 197
Later than one year but not later than five years     — 162 — 110
       1 176 31 307
22 cAPIt Al cOMMItMents And Gu ArAntees
At 4 October 2009 the Group was committed to acquiring plant and machinery:
         2009 2008 
         £000 £000
Contracted but not provided        — 1,195
The Group issues restoration bonds in the normal course of trading.
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annual report and accounts 2009
23 recOncIlIA tIOn OF PrOFIt beFOre t Ax tO net cAsH GenerA ted FrOM OPerA tIOns
         2009 2008 
         £000 £000
Profit before tax        5,759 9,008
Adjustments for:  
Finance costs        2,867 2,895
Depreciation of property, plant and equipment       15,464 13,466
Loss/(profit) on disposal of fixed assets        22 (24)
Loss on disposal of investments        — 1
Share-based payment (credit)/expense        (35) 369
Operating cash flows before movements in working capital      24,077 25,715
Increase in inventories        (4,659) (7,174)
Decrease in receivables        1,512 96
(Decrease)/increase in payables and provisions       (3,153) 3,951
cash generated from operations        17,777 22,588
For the purpose of the cash flow statement, cash and cash equivalents comprise the following:
         2009 2008 
         £000 £000
Cash and cash equivalents        370 1,207
Bank overdraft        (5,589) —
         (5,219) 1,207
24 FInAncIAl InstruMents
GenerAl rIsK MAnAGeMent PrIncIPles
The Board has overall responsibility for the establishment and oversight of the Group’s risk management framework. A formal risk assessment 
and management framework for assessing, monitoring and managing the strategic, operational and financial risks of the Group is in place 
to ensure appropriate risk management of its operations. Internal control and risk management systems are embedded in the operations 
of the divisions.
cAPIt Al rIsK MAnAGeMent
The Group manages its capital to ensure that the Group will be able to continue as a going concern whilst taking advantage of the opportunities 
in its chosen markets, providing returns for its shareholders and to maintain an optimal level of both debt and equity finance.
The Group’s capital structure consists of debt, including the borrowings as set out in note 15; bank overdraft and cash and cash equivalents; and 
equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings as disclosed in notes 17 and 19.
The Group has satisfied all reportable banking covenants during the current and previous years. 
The Group uses its gearing ratio to monitor its capital structure, gearing being calculated as net debt divided by total capital. Net debt is bank 
loans, bank overdrafts and finance lease liabilities less cash and cash equivalents. Total capital is net debt and the equity attributable to equity 
holders of the parent.
The gearing ratio at the year end is as follows:
         2009 2008 
         £000 £000
Bank loans, bank overdrafts and finance lease liabilities       39,720 46,459
Cash and cash equivalents        (370) (1,207)
Net debt        39,350 45,252
Total equity        37,181 34,246
Total capital        76,531 79,498
Gearing ratio        51% 57%
The movement in the year is attributable to reducing levels of capital investment and significant repayment of debt.
Notes to the group financial statements continued
for the year ended 4 October 2009
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24 FInAncIAl InstruMents cOntInued
sIGnIFIcAnt AccOuntInG POlIcIes
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and 
the basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument 
are disclosed in the Group Accounting Policies on pages 38 to 42.
cAteGOrIes OF FInAncIAl InstruMents
         2009 2008 
         £000 £000
Financial assets  
Cash and cash equivalents        370 1,207
Trade receivables        8,403 10,321
Financial liabilities  
Trade payables        (8,318) (9,090)
Bank overdraft        (5,589) —
Bank loans        (14,534) (19,877)
Obligations under finance leases and hire purchase contracts      (19,597) (26,582)
The carrying amount of financial assets and financial liabilities are recorded at amortised cost in the financial statements and are considered 
to approximate to their fair value.
Cash and cash equivalents are cash balances held by the Group. All financial assets are classified as loans and receivables and all financial liabilities 
are classified as other liabilities.
In November 2008 the Group entered into a new financing arrangement with its bankers replacing an overdraft facility with a debtors and 
stock based short term lending facility. 
The Group pledged £2.8 million of trade receivables (2008: £nil) as security for borrowings drawn under the debtors and stock based  
short term lending facility.
In November 2009, all existing bank loan, overdraft and asset-backed facilities were replaced by a new £30 million revolving credit facility 
in a club deal with two new banks. By agreement, the facilities available step down to £27.5 million after one year and to £22.5 million after 
two years. Overall, the arrangement secures facilities until November 2012.
FInAncIAl rIsK MAnAGeMent ObJectIves
The Group has exposure to a variety of financial risks through the conduct of its operations. The overall risk management policies of the Group 
are designed to minimise implicit credit risk, market risk, foreign currency risk and liquidity risk. Risk management is governed by the Group’s 
operational policies which are managed and reviewed by the Board of Directors. 
MArKet rIsK
The Group’s activities expose it primarily to the financial risks of changes in credit risks, foreign currency risk, liquidity risk and interest rate 
movements described below.
Market risk exposures are monitored and are supplemented by sensitivity analysis. There has been no change to the Group’s exposure to 
market risks or the manner in which it manages and measures the risk.
The Group enters into hedging agreements to fix the forward price of gas oil, a significant operating cost. These instruments are deemed 
“own use” contracts and are not required to be stated at fair value under IFRS. These instruments are entered into to minimise the price 
of oil on the Group.
FOreIGn currency rIsK MAnAGeMent
The Group undertakes certain transactions denominated in foreign currencies when purchasing significant capital equipment from abroad 
and exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward 
foreign exchange contracts if considered appropriate.
The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities were insignificant at each 
balance sheet date.
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annual report and accounts 2009
Notes to the group financial statements continued
for the year ended 4 October 2009
24 FInAncIAl InstruMents cOntInued
credIt rIsK
Credit risk predominantly arises from trade receivables and cash and cash equivalents and refers to the risk that a counterparty will default 
on its contractual obligations resulting in financial loss to the Group. The Group has a policy of only dealing with creditworthy counterparties 
and obtaining sufficient insurance where appropriate as a means of mitigating the risk of financial loss from defaults.
The Group generally transacts with large entities that are in the power generating, coal wholesale and manufacturing industries and has 
had little history of default in recent years. Credit exposures are reviewed by the Board regularly. 
The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. 
The Group defines counterparties as having similar characteristics if they are connected entities.
Cash and cash equivalents are held with banks.
The Group’s maximum exposure to credit risk relating to its financial assets is equivalent to their carrying value as disclosed below:
         2009 2008 
         £000 £000
Trade receivables        8,403 10,321
Cash and cash equivalents        370 1,207
         8,773 11,528
The Group carries credit risk insurance to mitigate the risk of default from trade receivables.
lIquIdIty rIsK MAnAGeMent
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management 
framework for the management of the Group’s short, medium and long term funding and liquidity management requirements. 
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowings facilities by continuously monitoring 
forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Included in note 15 is an analysis of the maturity 
of the Group’s borrowings along with a description of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk.
The average credit period taken for trade purchases is 63 days (2008: 67 days) which reflects the mix of when these amounts are contractually due.
Interest rA te rIsK MAnAGeMent
The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed 
by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts 
when necessary. Hedging activities are evaluated regularly with a policy of aligning interest rate views and defined risk profiles to ensure 
optimal hedging strategies are applied, as considered appropriate.
The Group’s interest rate profile on financial liabilities is as follows:
 2009  2008
     Fixed Floating  Fixed Floating  
     rate rate total rate rate Total 
     £000 £000 £000 £000 £000 £000
Bank overdraft    — 5,589 5,589 — — —
Bank loans    — 14,534 14,534 — 19,877 19,877
Finance leases and hire purchase contracts    18,048 1,549 19,597 24,147 2,435 26,582
     18,048 21,672 39,720 24,147 22,312 46,459
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annual report and accounts 2009
24 FInAncIAl InstruMents cOntInued
Interest rA te sensItIvIty AnAlysIs
The sensitivity analysis below has been determined based on the exposure to interest rates in respect of the Group’s borrowings. For floating 
rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole 
year. A 2% increase (2008: 2%) or 1% decrease (2008: 2%) represents management’s assessment of the reasonably possible change in interest 
rates, which is attributable to the Group’s exposure to interest rates on its variable rate borrowings.
IMPAct On POst-t Ax PrOFIt FOr tHe yeAr
         2009 2008 
         £000 £000
Increase in floating rate of 2% (2008: 2%)        (312) (317)
Decrease in floating rate of 1% (2008: 2%)        156 317
restOrA tIOn bOnds
The Group is required to enter into restoration bonds in the normal course of trading. During the year, the Group issued new bonds totalling 
£11.0 million and had bonds in issue of £23.2 million at the year end (2008: £12.2 million).
25 relA ted PArty trAnsActIOns
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and have not 
therefore been disclosed.
The remuneration of the Directors, together with other key management personnel of the Group, is set out below in aggregate for each of 
the categories specified in IAS 24 ‘Related Party Disclosures’. Further information about the remuneration of individual Directors is provided 
in the Remuneration Committee Report on pages 29 to 31.
         2009 2008 
         £000 £000
Salaries and short term employee benefits        881 968
Pension contributions        80 77
Share-based payments        (2) 201
         959 1,246
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annual report and accounts 2009
Company accounts
prepared in accordance with UK GAAP
 59 Independent auditors’ report
 60 Company balance sheet
 61 Company accounting policies
 62  Notes to the company financial statements
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annual report and accounts 2009
We have audited the financial statements on pages 60 to 63. The financial reporting framework that has been applied in their preparation 
is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, as a body, in accordance with sections 495 and 496 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.
resPectIve resPOnsIbIlItIes OF dIrectOrs And A udItOrs
As more fully explained in the Directors’ Responsibilities Statement set out on page 23 the Directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements 
in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with 
the Auditing Practices Board’s (“APB’s”) Ethical Standards for Auditors.
scOPe OF tHe A udIt 
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/UKNP .
OPInIOn On tHe FInAncIAl st AteMents
In our opinion the financial statements:
b give a true and fair view of the state of the Company’s affairs as at 4 October 2009 and of its profit for the year then ended;
b have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
b have been prepared in accordance with the requirements of the Companies Act 2006.
OPInIOn On OtHer MA tter PrescrIbed by tHe cOMPAnIes Act 2006
In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent 
with the financial statements.
MAtters On wHIcH we Are requIred tO rePOrt by excePtIOn
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
b adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
b the financial statements are not in agreement with the accounting records and returns; or
b certain disclosures of Directors’ remuneration specified by law are not made; or
b we have not received all the information and explanations we require for our audit.
rIcHArd KInG (senIOr st AtutOry AudItOr)
FOr And On beHAlF OF bAKer tIlly uK A udIt llP 
st AtutOry AudItOr 
cHArtered AccOunt Ants
2 wHI teHAll qu Ay
leeds ls1 4HG
8 deceMber 2009
Independent auditors’ report
to the members of ATH Resources plc
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ATH Resources plc
annual report and accounts 2009
 2009  2008
      Notes £000 £000 £000 £000
Fixed assets       
Investments     3  8,907  8,907
current assets      
debtors: due in less than one year     4 56  269 
 : due after more than one year     4 35,297  37,545 
       35,353  37,814 
cash in hand      12  —
       35,365  37,814 
creditors : amounts falling due within one year    5 (3,405)  (3,683) 
net current assets       31,960  34,131
total assets less current liabilities       40,867  43,038
creditors : amounts falling due after more than one year    6  (6,912)  (10,286)
net assets       33,955  32,752
capital and reserves      
Called up share capital     8  200  200
Share premium account     9  27,855  27,855
Share-based payment reserve     9  1,647  1,682
Profit and loss account     9  4,253  3,015
equity shareholders’ funds     10  33,955  32,752
The financial statements on pages 60 to 63 were approved by the Board of Directors and authorised for issue on 8 December 2009 and are 
signed on its behalf by:
s beAuMOnt
FInAnce dIrectOr And cOMPAny secret Ary
Company balance sheet
as at 4 October 2009
Company number: 4928463
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ATH Resources plc
annual report and accounts 2009
bAsIs OF AccOuntInG
The separate financial statements of the Company are presented as required by the Companies Act 2006. They have been prepared under 
the historical cost convention and in accordance with applicable UK GAAP and law.
bAsIs OF PrePArA tIOn
The Company is a holding company and meets its day to day working capital requirements through an overdraft facility which is repayable 
on demand and through the support of its trading subsidiaries.
AccOuntInG PerIOd
The Company has drawn up its accounts for the 53 week period to 4 October 2009 (52 week period to 28 September 2008).
PrOFIt And l Oss AccOunt
The Company has not presented its own profit and loss account, as permitted by section 408 of the Companies Act 2006.
cAsH Fl Ow The Company is exempt from the requirements of Financial Reporting Standard 1 (Revised) ‘Cash Flow Statements’.
InvestMents
Investments are stated at cost and provision is made for any impairment in the value of fixed asset investments.
deFerred t AxAtIOn
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions 
or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet 
date. Timing differences are differences between the Group’s taxable profits and its results as stated in the financial statements that arise from 
the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, 
based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a 
non-discounted basis.
sHAre-bAsed PA yMents
Share-based payments are accounted for as described in the Group Accounting Policies on page 39.
Company accounting policies
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ATH Resources plc
annual report and accounts 2009
Notes to the company financial statements
for the year ended 4 October 2009
1 OPerA tInG PrOFIt
The auditors’ remuneration for audit services to the Company expensed was £10,000 (2008: £7,000).
The Company has no employees other than the Directors whose remuneration was borne by subsidiary undertakings and is disclosed on page 29.
2 PrOFIt OF tHe cOMPAny
The Company has taken advantage of section 408 of the Companies Act 2006 and consequently its profit and loss account is not presented 
as part of these accounts. The profit of the Company for the financial year amounted to £2,296,000 (2008: £4,252,000). Dividends paid 
and proposed are disclosed in note 20 to the consolidated financial statements.
3 InvestMents
Investments in subsidiary undertakings         £000
cost 
At 28 September 2008 and 4 October 2009        8,907
Details of the Company’s investments are disclosed in note 11 to the consolidated financial statements. 
4 debtOrs
         2009 2008 
         £000 £000
Amounts due from subsidiary undertakings        35,297 37,545
Other debtors        56 89
Deferred tax        — 180
         35,353 37,814
5 credItOrs: AMOunts FAllInG due wItHIn One yeAr
         2009 2008 
         £000 £000
Bank loan        3,375 2,700
Bank overdraft        — 662
Accruals and deferred income        30 321
         3,405 3,683
6 credItOrs: AMOunts FAllInG due AF ter MOre tHAn One yeAr
         2009 2008 
         £000 £000
Bank loan        6,900 10,275
Amounts due to subsidiary undertaking        12 11
         6,912 10,286
The bank loan is secured by a fixed charge over certain assets of the Group. The Company is party to a cross guarantee with its subsidiary 
undertakings in respect of bank loans and overdrafts held by Group companies which are secured by debentures over the assets of the Group.
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ATH Resources plc
annual report and accounts 2009
7 deFerred t Ax
           £000
At 28 September 2008         (180)
Charged to profit and loss         180
At 4 October 2009         —
8 cAlled uP sHAre cAPIt Al
 2009  2008
Ordinary shares of 0.5 pence each     number £000  Number £000
Authorised    200,000,000 1,000 200,000,000 1,000
Called up and fully paid    40,075,158 200 40,075,158 200
During the year, the Company issued no new shares.
Share options have been granted and are still outstanding under the ATH Resources plc Approved Executive Share Option Scheme, 
the ATH Resources plc Unapproved Executive Share Option Scheme and the ATH Resources plc Long Term Incentive Plan as set out 
in note 18 to the consolidated financial statements.
9 OtHer reserves
         Share-based Profit 
        Share payment and loss 
        premium reserve account 
        £000 £000 £000
At 28 September 2008       27,855 1,682 3,015
Reduction in share-based payment reserve       — (35) —
Profit on ordinary activities after taxation       — — 2,296
Dividends paid       — — (1,058)
At 4 October 2009       27,855 1,647 4,253
10 recOncIlIA tIOn OF MOveMent In sHAreHOlders’ Funds
         2009 2008 
         £000 £000
Issue of ordinary shares        — 293
(Reduction)/addition in respect of share-based payments       (35) 369
Profit for the year        2,296 4,252
Dividends paid        (1,058) (4,649)
net increase in shareholders’ funds        1,203 265
Opening shareholders’ funds        32,752 32,487
closing shareholders’ funds        33,955 32,752
11 FInAncIAl InstruMents
The Company recognises and manages financial instruments as set out in note 24 to the consolidated financial statements.
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ATH Resources plc
annual report and accounts 2009
Notice of annual general meeting – ATH Resources plc
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at the offices of Eversheds LLP solicitors, 
Bridgewater Place, Water Lane, Leeds LS11 5DR on Wednesday 20 January 2010 at 11:00 am to transact the following business:
OrdInAry busIness
1. To receive the accounts of the Company for the year ended 4 October 2009 and the reports of the Directors and the auditors.
2. To declare a final dividend.
3. To re-elect David Port as a Director.
4. To re-appoint Tim Stokeld as a Director.
5.  To re-appoint Baker Tilly UK Audit LLP as auditor to the Company, to hold office until the conclusion of the next general meeting 
at which accounts are laid before the Company and to authorise the Directors to fix their remuneration.
6. To receive and approve the Remuneration Committee Report.
sPecIAl busIness
To consider and, if thought fit, (and in the case of resolution 8 to the passing of resolution 7) pass the following resolutions. Resolution 7 
will be proposed as an ordinary resolution. Resolutions 8 and 9 will be proposed as special resolutions. 
7.(i)  THAT the Directors be and are hereby generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 
(the “Act”) (in substitution for any existing authorities to allot relevant securities) to exercise all the powers of the Company to allot relevant 
securities (within the meaning of section 80 of the Act) up to a maximum nominal amount of £60,112 (being approximately 30% of 
the issued share capital of the Company) provided that such authority shall expire at the conclusion of the next Annual General Meeting 
(or, if earlier on 31 March 2011) and provided further that the Company may before such expiry make such offers or agreements which 
would or might require relevant securities to be allotted after such expiry;
and further that 
7.(ii)  THAT the Directors be and they are hereby generally and unconditionally authorised to exercise all powers of the Company to allot equity 
securities (within the meaning of section 560 of the Act) in connection with a rights issue in favour of ordinary shareholders where the equity 
securities respectively attributable to the interests of all ordinary shareholders are proportionate (as nearly as may be) to the respective numbers 
of ordinary shares held by them up to an aggregate nominal amount of £60,112 (being approximately 30% of the issued share capital of the 
Company) provided that this authority shall expire on the conclusion of the next Annual General Meeting of the Company after the passing of 
this resolution save that the Company may before such expiry make an offer or agreement which would or might require equity securities to 
be allotted after such expiry and the Directors may allot equity securities in pursuance of such an offer or agreement as if the authority 
conferred hereby had not expired.
8.  THAT, subject to the passing of resolution 7, the Directors be and are hereby empowered pursuant to section 570 of the Act to allot 
equity securities (as defined in section 560 of the Act) for cash as if section 561(1) did not apply to such allotment, provided that this 
power shall be limited to:
 (i)  the allotment of equity securities in connection with a rights issue or other issue in favour of the holders of ordinary shares (notwithstanding 
that, by reason of such exclusions or other arrangements as the Directors may deem necessary or expedient to deal with fractional entitlements 
or legal or practical problems under the laws of, or the requirements of any recognised regulatory body or any stock exchange in, any territory, 
the equity securities to be issued are not offered to all such holders in proportion to the number of ordinary shares held by each of them); and
 (ii)  the allotment (otherwise than pursuant to sub-paragraph (i) above) of equity securities up to an aggregate nominal value of £10,018 
being approximately 5% of the Company’s issued share capital;
  and such power shall expire on the conclusion of the next Annual General Meeting of the Company after the passing of this resolution 
(or if earlier 31 March 2011), save that the Company may before such expiry make any offers or agreements which would or might 
require equity securities to be allotted after such expiry.
_1_ATH_ar09_Back.indd   43 15/12/2009   12:20:29 65
ATH Resources plc
annual report and accounts 2009
sPecIAl busIness cOntInued
9.  THAT, the Company be generally and unconditionally authorised, pursuant to Article 9 of the Articles of Association of the Company 
to make market purchases (as defined in section 693 of the Act) of up to 2,003,758 ordinary shares of 0.5 pence each in the capital of 
the Company (being approximately 5% of the current issued ordinary share capital of the Company) on such terms and in such manner 
as the Directors of the Company may from time to time determine, provided that:
 (a)  the amount paid for each share (exclusive of expenses) shall not be more than the higher of: (i) 5% above the average of the middle 
market quotation for ordinary shares as derived from the Daily Official List of London Stock Exchange plc for the five business days before 
the date on which the contract for the purchase is made; and: (ii) an amount equal to the higher of the price of the last independent 
trade and current independent bid as derived from the London Stock Exchange Trading system or less than 0.5 pence per share; and
 (b)  the authority herein contained shall expire at the conclusion of the 2011 Annual General Meeting or 31 March 2011, whichever 
is earlier, provided that the Company may, before such expiry, make a contract to purchase its own shares which would or might be 
executed wholly or partly after such expiry, and the Company may make a purchase of its own shares in pursuance of such contract 
as if the authority hereby conferred hereby had not expired.
By Order of the Board
s beAuMOnt  reGIstered OFFIce:
GrOuP FInAnce dIrectOr And cOMPAny secret Ary AArdv ArK HOuse
8 deceMber 2009 sIdInGs cOurt
   dOncAster dn4 5nu
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ATH Resources plc
annual report and accounts 2009
Notice of annual general meeting – ATH Resources plc continued
nOtes:
1.  A member who is entitled to attend and vote at the Annual General Meeting is entitled to appoint one or more proxies (who need 
not be a member of the Company) to attend and, on a poll, vote instead of the member. Completion and return of a form of proxy 
will not preclude a member from attending and voting at the meeting in person, should he subsequently decide to do so.
  The right to appoint a proxy does not apply to persons whose shares are held on their behalf by another person and who have been nominated 
to receive communications from the Company in accordance with section 146 of the Companies Act 2006 (“nominated persons”). Nominated 
persons may have a right under an agreement with the registered shareholder who holds the shares on their behalf to be appointed (or to have 
someone else appointed) as a proxy. Alternatively, if nominated persons do not have such a right, or do not wish to exercise it, they may 
have a right under such an agreement to give instructions to the person holding the shares as to the exercise of voting rights.
2.  In order to be valid, any form of proxy and power of attorney or other authority under which it is signed, or notarially certified or office 
copy of such power or authority, must reach the Company’s registrars, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, 
Kent, BR3 4TU not less than 48 hours before the time of the meeting or of any adjournment of the meeting. 
3.  CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for 
the Annual General Meeting to be held on 20 January 2010 and any adjournment(s) thereof by using the procedures described in the 
CREST Manual. CREST personal members or other CREST sponsored members, and those CREST members who have appointed a voting 
service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on 
their behalf.
  In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy 
Instruction”) must be properly authenticated in accordance with CRESTCo’s specifications and must contain the information required for 
such instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or to 
an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by 
the issuer’s agent (ID RA10) by the latest time(s) for receipt of proxy appointments specified in the notice of meeting. For this purpose, 
the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Applications Host) 
from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any 
change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
  CREST members and, where applicable, their CREST sponsors or voting service providers should note that CRESTCo does not make available 
special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input 
of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal 
member or sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) 
take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. 
In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, 
to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
  The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated 
Securities Regulations 2001.
4.  As permitted by Regulation 41 of the Uncertificated Securities Regulations 2001, shareholders who hold shares in uncertificated form 
must be entered on the Company’s share register at 6:00 pm on 18 January 2010 in order to be entitled to attend and vote at the 
Annual General Meeting. Such shareholders may only cast votes in respect of shares held at such time. Changes to entries on the 
relevant register after that time shall be disregarded in determining the rights of any person to attend or vote at the meeting. 
_1_ATH_ar09_Back.indd   45 15/12/2009   12:20:30 67
ATH Resources plc
annual report and accounts 2009
I/We .................................................................................................................................................................................................................
(Please insert full name(s) and address(es) in block letters)
of ....................................................................................................................................................................................................................
being (a) member/members of the above-named Company hereby appoint the Chairman of the Meeting, or (see note 1 below) 
of ....................................................................................................................................................................................................................
as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held on Wednesday 20 January 2010 
and at any adjournment thereof, and to vote as indicated below.
Please indicate how you wish your proxy to vote by inserting “X” in the box below. If no indication is given, and on any other resolutions 
proposed at the meeting, your proxy will vote or abstain from voting as he/she thinks fit. 
 Please tick here if this proxy is one of multiple appointments being made (see note 1)
  Enter number of shares in relation to which your proxy is authorised to vote or leave blank to authorise your proxy to act 
in relation to your full voting entitlement.
 Resolutions: For Against Vote withheld
 1 To receive the accounts for the year ended 4 October 2009.
 2 To declare a final dividend of 6.15 pence per share.
 3 To re-elect David Port as a Director.
 4 To re-appoint Tim Stokeld as a Director.
 5 To re-appoint Baker Tilly UK Audit LLP as auditors and to authorise the Directors  
  to determine their remuneration.
 6 To receive and approve the Remuneration Committee Report.
 7 To authorise the Directors to allot relevant securities pursuant to section 551 
  of the Companies Act 2006.
 8 To authorise the Directors to allot equity securities pursuant to section 570  
  of the Companies Act 2006.
 9 To authorise the purchase of shares pursuant to section 701 of the Companies Act 2006.
NAME: (Block capitals) .....................................................................................................................................................................................
ADDRESS: ........................................................................................................................................................................................................
SIGNATURE(S): .................................................................................................................................................................................................
or COMMON SEAL ...........................................................................................................................................................................................
Date: ...............................................................................................................................................................................................................
nOtes
1.  Every holder has the right to appoint some other person(s) of their choice, who need not be a shareholder as his proxy to exercise all or any of his rights, to attend, 
speak and vote on their behalf at the meeting. If you wish to appoint a person other than the Chairman, please insert the name of your chosen proxy holder in the space 
provided above. If the proxy is being appointed in relation to less than your full voting entitlement, please enter the number of shares in relation to which they are 
authorised to act as your proxy. If left blank your proxy will be deemed to be authorised in respect of your full voting entitlement (or if this proxy form has been issued 
in respect of a designated account for a shareholder, the full voting entitlement for that designated account).
2.  To appoint more than one proxy you may photocopy this form. Please indicate the proxy holder’s name and the number of shares in relation to which they are authorised to 
act as your proxy (which, in aggregate, should not exceed the number of shares held by you). Please also indicate if the proxy instruction is one of multiple instructions being 
given. All forms must be signed and should be returned together in the same envelope.
3.  The vote withheld option is provided to enable you to abstain on any particular resolution. However, it should be noted that a “vote withheld” is not a vote in law, 
and will not be counted in the calculation of the proportion of votes “For” and “Against” a resolution. 
4.  If a member is a corporation, this form of proxy must be executed under its common seal or by the signature of an officer or attorney duly authorised in writing. 
5.  Entitlement to attend and vote at the meeting and the number of votes which may be cast thereat will be determined by reference to the Register of Members 
of the Company as at 6:00 pm on 18 January 2010. Changes to entries on the Register of Members after that time shall be disregarded in determining the rights 
of any person to attend and vote at the meeting.
6.  Shares held in uncertificated form (i.e. in CREST) may be voted through the CREST Proxy Voting Service in accordance with the procedures set out in the CREST Manual. 
7.  The completion and return of this form will not preclude a member from attending the meeting and voting in person. If you attend the meeting in person, your proxy 
appointment will automatically be terminated.
8.  In the case of joint holders, the signature of any one holder will be sufficient, but the names of all joint holders should be stated, and the vote of the senior holder who 
tenders a vote will be accepted to the exclusion of the vote(s) of other joint holder(s), seniority being determined by the order in which the names stand in the register 
of members of the Company.
9. Any alterations made to this form of proxy should be initialled.
Form of proxy – ATH Resources plc
for use at the Annual General Meeting to be 
held at Eversheds LLP , Bridgewater Place, 
Water Lane, Leeds LS11 5DR 11:00 am on  
Wednesday 20 January 2010
_1_ATH_ar09_Back.indd   46 15/12/2009   12:20:30 business reply style
Business Reply 
Service
Licence Number
MB 122
Capita Registrars
Proxies Department
PO Box 25
Beckenham
Kent BR3 4BR 
second fold
third fold and tuck in
first fold
_1_ATH_ar09_Back.indd   47 15/12/2009   12:20:30 from concept to project 
completion, ATH Resources 
develops and operates 
surface coal mines and 
land remediation projects.
one of the UK’s largest 
coal producers, ATH 
builds success from 
strong development focus, 
modern surface mining 
equipment and a unique 
coal recovery process.
The year
 IFC Corporate statement
 01 Highlights
 02 At a glance
 04 Chairman’s statement
 06 Surface mining
 08 ATH Regeneration
 10 Chief executive’s statement
 14 Financial review
 16 Corporate social responsibility
leading  
vision
Governance
 20 Board of directors and advisers
 22 Financial calendar
 23 Directors’ report
 27 Corporate governance report
 29 Remuneration committee report
Accounts 
 32 Group accounts
 33 Independent auditors’ report
 34 Consolidated income statement
 35 Consolidated balance sheet
 36  Consolidated statement of changes in equity
 37  Consolidated cash flow statement
 38 Group accounting policies
 43  Notes to the group financial statements
 58 Company accounts
 59 Independent auditors’ report
 60 Company balance sheet
 61 Company accounting policies
 62  Notes to the company financial statements
 64  Notice of annual general meeting
 67 Form of proxy
ATH Resources’ commitment to environmental issues is reflected in this 
annual report which has been printed on Satimatt Green and Revive 50 
comprising 50% recycled fibre and 50% virgin fibre certified by the FSC 
and produced at mills with ISO 14001 environmental management 
systems. This document was printed by Beacon Press using , 
their environmental print technology which minimises the impact of 
printing on the environment. All energy used comes from renewable 
sources, vegetable based inks have been used and 94% of all dry waste 
associated with this production has been recycled. Beacon Press is a 
CarbonNeutral
®
 printer.
_1_ATH_ar09_cover.indd   2 15/12/2009   12:20:58 Aardvark House 
Sidings Court 
Doncaster 
DN4 5NU 
Tel: +44 (0) 1302 760462 
Fax: +44 (0) 1302 760463 
Web: www.ath.co.uk
annual report and accounts 2009
developing
producing
restoring
ATH Resources plc annual report and accounts 2009
_1_ATH_ar09_cover.indd   1 15/12/2009   12:20:57