Interim Results

Rights and Issues Inv Trust PLC
23 July 2002



BALANCE SHEETS
As at 30th June 2002 (Unaudited)
And 31st December 2001



                                            Company                                          Group
                                    2002                   2001                   2002                   2001
                                       £                      £                      £                      £

Fixed Assets                        
Intangible assets                      -                      -                 79,163                 83,821 
Investments                   41,093,242             37,958,087             40,661,770             37,526,615 
                         
Current assets                        
Debtors                          294,992                193,875                133,104                100,516 
Investments                            -                      -                143,504                 73,007 
Cash at bank and in hand       1,750,162              4,692,029              2,267,290              5,027,070 
                               2,045,154              4,885,904              2,543,898              5,200,593 
Creditors:amounts falling
 due within one year             923,607                605,176              1,177,166                674,680 
                         
Net current liabilites/assets  1,121,547              4,280,728              1,366,732              4,525,913 
                         
Total assets less current
 liabilites                   42,214,789             42,238,815             42,107,665             42,136,349 

Capital and reserves                        
Called up share capital        1,225,000              1,225,000              1,225,000              1,225,000 
Share premium account            225,326                225,326                225,326                225,326 
Capital reserve               28,458,592             28,158,252             28,458,592             28,158,252 
Other reserves                        
Revaluation reserve           11,164,030             11,675,999             11,164,030             11,675,999 
Dividend equalisation
 reserve                       1,141,841                954,238              1,034,717                851,772 
                         
Total shareholders funds      42,214,789             42,238,815             42,107,665             42,136,349 

Net asset value per share                        
Income shares                                                                   470.5p                 465.8p
Capital shares                                                                 1849.6p                1858.4p



Consolidated statement of total return

                                                           Six months ended 30th June 2002
                                                         Revenue        Capital         Total
                                                               £              £             £
                   
Gains/(losses) on investments                             52,112       -211,629      -159,517 
                   
Income                                                   968,163              0       968,163 
Investment management fee                                      0              0             0 
Other expenses                                           177,368              0       177,368 
Net return before finance costs and taxation             842,907       -211,629       631,278 
                   
Interest payable and similar charges                           0              0             0 
Return on ordinary activites before tax                  842,907       -211,629       631,278 
                   
Tax on ordinary activites                                 23,462              0        23,462 
Return on ordinary activites after tax for
 the financial year                                      819,445       -211,629       607,816 
                   
Dividends and other appropriations in respect
 of non-equity shares                                      5,500              0         5,500 
Return attributable to equity shareholders               813,945       -211,629       602,316 
                   
Dividends in respect of equity shares                    631,000              0       631,000 
Transfer to reserves after aggregate
 dividends paid and payable
 of £631,000. (2001: £522,401)                           182,945       -211,629       -28,684 
                   
Return per income share (p)                                 16.8           -2.1          14.7 
Return per capital share (p)                                24.3           -9.7          14.6 
                   


                                                            Six months ended 30th June 2001
                                                         Revenue        Capital         Total
                                                               £              £             £
                   
Gains/(losses) on investments                              2,801        806,257       809,058 
                   
Income                                                   897,500              0       897,500 
Investment management fee                                      0              0             0 
Other expenses                                           158,529              0       158,529 
Net return before finance costs and taxation             741,772        806,257     1,548,029 
                   
Interest payable and similar charges                           0              0             0 
Return on ordinary activites before tax                  741,772        806,257     1,548,029 
                   
Tax on ordinary activites                                 14,664              0        14,664 
Return on ordinary activites after tax for
 the financial year                                      727,108        806,257     1,533,365 
                   
Dividends and other appropriations in respect
 of non-equity shares                                      5,500              0         5,500 
Return attributable to equity shareholders               721,608        806,257     1,527,865 
                   
Dividends in respect of equity shares                    522,401              0       522,401 
Transfer to reserves after aggregate
 dividends paid and payable of
 £631,000. (2001: £522,401)                              199,207        806,257     1,005,464 
                   
Return per income share (p)                                 15.6            8.1          23.7 
Return per capital share (p)                                20.6           36.9          57.5 
                   


                                                         Twelve months ended 31st December 2001
                                                         Revenue        Capital         Total
                                                               £              £             £
                   
Gains/(losses) on investments                              5,793       -815,704      -809,911 
                   
Income                                                 1,956,282              0     1,956,282 
Investment management fee                                      0              0             0 
Other expenses                                           340,386              0       340,386 
Net return before finance costs and taxation           1,621,689       -815,704       805,985 
                   
Interest payable and similar charges                           0              0             0 
Return on ordinary activites before tax                1,621,689       -815,704       805,985 
                   
Tax on ordinary activites                                 26,725              0        26,725 
Return on ordinary activites after tax for
 the financial year                                    1,594,964       -815,704       779,260 
                   
Dividends and other appropriations in respect
 of non-equity shares                                     11,000              0        11,000 
Return attributable to equity shareholders             1,583,964       -815,704       768,260 
                   
Dividends in respect of equity shares                  1,426,510              0     1,426,510 
Transfer to reserves after aggregate
 dividends paid and payable of
 £631,000. (2001: £522,401)                              157,454       -815,704      -658,250 
                   
Return per income share (p)                                 36.7           -8.3          28.4 
Return per capital share (p)                                41.5          -37.3           4.2 
                   
 

Notes to the consolidated statement of total return.

The interim dividend of 10.00p net (2000:8.00p net) per income share and
amounting to £246,000 (2001: £196,800) is payable on 30th September 2002 to
shareholders on the register as at 16th August 2002. The sum accruing by way of
dividend to the Capital shareholders will, in view of the small sum involved be
included in the final dividend.

The unaudited interim results have been prepared on the basis of the accounting
policies set out in the statutory accounts of the Company for the year ended
31st December 2001. The above statement of total return is presented as
recommended by the Statement of Recommended Practice for Financial Statements of
Investment Trust Companies.

These are not full statutory accounts in terms of Section 240 of the Companies
Act 1985. The full audited  accounts for the year to 31st December 2001, which
were unqualified, have been filed with the Registrar of Companies.

The interim accounts are to be posted to shareholders and are available at the
registered office of the Company, No1 Poultry, London EC2R 8JR.


CHAIRMAN'S STATEMENT

The depression of the UK equity market of the last two years has so far
continued in the first half of 2002 with the FTSE All-Share Index declining by a
further 10.3%. The Trust's portfolio has again displayed a robust performance
with a fall in the net asset value of the Capital shares of only 0.5% to
1849.6p.

Split-Level Investment Trusts have received significant and, in many cases,
justified criticism in recent months. None of these have applied to your Trust.
The Trust's portfolio has no borrowings and no exposure to any other split-level
trust. Your board continues to take the prudent approach that has delivered
consistent shareholder value over the last two decades.

The interim dividend has been increased to 10.0p net per income share and the
Board expects, barring unforeseen circumstances, to pay a final dividend of not
less than 23.0p per Income share.


Simon Knott
Chairman

23rd July 2002




                      This information is provided by RNS
            The company news service from the London Stock Exchange