Interim Results

Rights and Issues Inv Trust PLC
15 July 2003


BALANCE SHEETS
As at 30th June 2003 (Unaudited)
And 31st December 2002

                                      Company                      Group
                                2003          2002          2003          2002
                                   £             £             £             £
Fixed Assets
Intangible assets                  -             -        69,848        74,506
Investments               40,586,189    39,335,766    40,154,717    38,904,294

Current assets
Debtors                      762,446       334,363       551,269       236,114
Investments                        -             -       170,675       141,923
Cash at bank and in        2,495,866             -     2,960,702       367,832
hand                       ---------     ---------     ---------     ---------
                           3,258,312       334,363     3,682,646       745,869
Creditors:amounts            688,506     2,192,210       867,655     2,358,531
falling due within one     ---------     ---------     ---------     ---------
year

Net current liabilites/    2,569,806   -1,857,847      2,814,991   -1,612,662
assets
                           ---------     ---------     ---------     ---------
Total assets less         43,155,995    37,477,919    43,039,556    37,366,138
current liabilites         =========     =========     =========     =========

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           30,078,365    29,518,993    30,078,365    29,518,993
Other reserves
Revaluation reserve       10,543,496     5,553,858    10,543,496     5,553,858
Dividend equalisation      1,083,808       954,742       967,369       842,961
reserve
                           ---------     ---------     ---------     ---------
Total shareholders        43,155,995    37,477,919    43,039,556    37,366,138
funds                      =========     =========     =========     =========

Net asset value per
share
Income shares                                              478.0p        417.1p
Capital shares                                            1895.2p       1640.6p
                                                         =========     =========





                                          Six months ended 30th June 2003
                                          Revenue      Capital           Total
                                                   £            £            £

Gains/(losses) on investments                 39,250    5,549,010    5,588,260
Income                                     1,008,267            0    1,008,267
Other expenses                               192,770            0      192,770
                                            --------     --------     --------
Net return before finance costs and          854,747    5,549,010    6,403,757
taxation
Interest payable and similar charges          37,663            0       37,663
                                            --------     --------     --------
Return on ordinary activites before tax      817,084    5,549,010    6,366,094
Tax on ordinary activites                     20,126            0       20,126
                                            --------     --------     --------
Return on ordinary activites after tax       796,958    5,549,010    6,345,968
for the financial year
Dividends and other appropriations in          5,500            0        5,500
respect of non-equity shares                --------     --------     --------
Return attributable to equity                791,458    5,549,010    6,340,468
shareholders
Dividends in respect of equity shares        667,050            0      667,050
                                            --------     --------     --------
Transfer to reserves after aggregate         124,408    5,549,010    5,673,418
dividends paid and payable of £667,050.     ========     ========     ========
(2002: £631,000)

Return per income share (p)                     15.3         56.4         71.7
Return per capital share (p)                    25.3        253.8        279.1
                                            ========     ========     ========



                                                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
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   819,445   -211,629    607,816
financial year
Dividends and other appropriations in respect      5,500          0      5,500
of non-equity shares                            --------   --------   --------
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   182,945   -211,629   -28,684
paid and payable of £667,050. (2002: £631,000)  ======== ========   ========

Return per income share (p)                         16.8   -2.1           14.7
Return per capital share (p)                        24.3   -9.7           14.6
                                                ========   ========   ========





                                          Twelve months ended 31st December
                                          2002
                                          Revenue      Capital           Total
                                                   £            £            £

Gains/(losses) on investments                 57,739   -4,761,400   -4,703,661
Income                                     1,968,846            0    1,968,846
Other expenses                               402,428            0      402,428
                                            --------    ---------    ---------
Net return before finance costs and        1,624,157   -4,761,400   -3,137,243
taxation
Interest payable and similar charges          16,248            0       16,248
                                            --------    ---------    ---------
Return on ordinary activites before tax    1,607,909   -4,761,400   -3,153,491
Tax on ordinary activites                 -3,140                0   -3,140
                                            --------    ---------    ---------
Return on ordinary activites after tax     1,611,049   -4,761,400   -3,150,351
for the financial year
Dividends and other appropriations in         11,000            0       11,000
respect of non-equity shares                --------    ---------    ---------
Return attributable to equity              1,600,049   -4,761,400   -3,161,351
shareholders
Dividends in respect of equity shares      1,608,860            0    1,608,860
                                            --------    ---------    ---------
Transfer to reserves after aggregate          -8,811   -4,761,400   -4,770,211
dividends paid and payable of £667,050.     ========    =========    =========
(2002: £631,000)

Return per income share (p)                     32.7        -48.4        -15.7
Return per capital share (p)                    48.6       -217.8       -169.2
                                            ========    =========    =========



Notes to the consolidated statement of total return.


The interim dividend of 10.75p net (200:10.00p net) per income share and
amounting to £264,450 (2002: £246,000) is payable on 30th September 2003 to
shareholders on the register as at 22nd August 2003. 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 2002 . 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 2002, 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 sustained recovery in the UK equity market since March is perhaps the first
sign that the three-year bear market has finally come to an end. It is an
achievement in itself that the FTSE All-Share Index produced a positive return
of 4.1%. The Trust's portfolio has again demonstrated its inherent reliability
with a rise in the net asset value of the Capital shares of 15.5% to 1895.2p.


The interim dividend has been increased to 10.75p net per income share and the
Board expects, barring unforeseen circumstances, to pay a final dividend of not
less than 23.25p per Income share.


Simon Knott

Chairman

15th July 2003







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