Final Results

Value & Income Trust PLC
3 May 2002



3 May 2002



                           VALUE AND INCOME TRUST PLC


                              PRELIMINARY RESULTS

                         FOR THE YEAR TO 31 MARCH 2002




SUMMARY



                                               31 March 2002                       31 March 2001

Net asset value per share                         185.3p                              177.4p
Share price                                       152.5p                              136.5p
Total dividends per share                          5.6p                                5.4p
Total gross assets                            £120.0 million                      £ 116.4 million







HIGHLIGHTS



•         Net asset value rose by 4.4% and share price by 11.7%, compared with
the All Share Index down 5.7%



•         Net asset value total return, including net dividends, was + 7.6% and
share price total return was 15.8% compared with the All Share Index - 3.2%



•         Total dividends for the year of 5.6p, up 3.7% - the fifteenth
consecutive increase above inflation





Value and Income Trust invests in higher yielding, less fashionable areas of the
UK commercial property and equity markets, particularly in medium and smaller
sized companies.  It aims for long-term real growth in dividends and capital
values without undue risk.



VIT's investments performed well this year.  Our equity portfolio gave a total
return of +8.7%.  The property portfolio return was +13%.



Outlook

Our view of UK equities remains modestly optimistic in the next few months with
the best returns likely to come from higher yielding medium sized companies.
Property is much the highest yielding asset class and is particularly attractive
in an environment where income, rather than rapid capital gains, is likely to be
the key to success in most forms of investment over the next few years.


                           VALUE AND INCOME TRUST PLC





Dividend

The Directors are recommending a final dividend of 2.8p net per Ordinary Share
to be paid on 8 July 2002 to shareholders registered on 21 June 2002.  In the
current year they expect to pay a total dividend of 5.8p per share (a 3.6%
increase).



The Annual Report will be posted to shareholders on 24 May 2002.  Copies can be
obtained from Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket
Terrace, Edinburgh, EH12 5HD or OLIM Limited, Pollen House, 10-12 Cork Street,
London, W1S 3NP





For further information, please contact:-



Matthew Oakeshott or Angela Lascelles of OLIM Limited

Tel: [phone]








                           VALUE AND INCOME TRUST PLC





CONSOLIDATED STATEMENT OF TOTAL RETURN

(incorporating the income account*) for the year ended 31 March 2002


                                                  2002                          2001 (restated)
                                       Revenue    Capital      Total      Revenue    Capital       Total

                                          £000       £000       £000         £000       £000        £000
Income
Securities
Dividends from UK Companies              3,212           -      3,212       3,051           -       3,051
Interest from UK Companies                 185           -        185         151           -         151
Properties
Rents                                    3,357           -      3,357       3,051           -       3,051
Interest on deposits                       174           -        174         334           -         334
Underwriting commission                      4           -          4           8           -           8
Other income                                17           -         17          13           -          13
                                         6,949           -      6,949       6,608           -       6,608
Expenses
Investment management fee                (417)     (1,273)    (1,690)       (435)       (435)       (870)
Administration expenses                  (339)                  (339)       (377)           -       (377)
                                                         -                                  
                                         6,193     (1,273)      4,920       5,796       (435)       5,361
Capital profits/(losses)
Net realised gains on investments            -          23         23           -       4,567       4,567
in the year
Movement in unrealised appreciation          -       4,683      4,683           -     (2,087)     (2,087)
in the year                                                                    

Net return before interest payment       6,193       3,433      9,626       5,796       2,045       7,841
and tax
Interest payable                       (3,501)          -     (3,501)     (3,501)           -      (3,501)
                                                                                    

Return on ordinary activities
before taxation                          2,692       3,433      6,125       2,295       2,045       4,340
Tax on ordinary activities               (103)         103          -           -           -           -

Return attributable to equity            2,589       3,536      6,125       2,295       2,045       4,340
shareholders
Dividends in respect of ordinary       (2,551)           -    (2,551)     (2,460)           -     (2,460)
shares                                                                                  
Transfer to/(from) reserves                 38       3,536      3,574       (165)       2,045       1,880
                                            
Return per ordinary share                5.68p       7.76p     13.44p       5.04p       4.49p       9.53p

Dividend per ordinary share              5.60p                              5.40p



* The revenue column of this statement is the Income Account of the Group.


                           VALUE AND INCOME TRUST PLC





CONSOLIDATED BALANCE SHEET

At 31 March 2002


                                                                  2002                      2001(restated)
                                                           £000          £000              £000        £000

Investments
Listed in UK                                                           73,339                        74,382
Investment properties                                                  38,800                        39,825


                                                                      112,139                       114,207
Current Assets
Debtors                                                     451                           2,352
Cash and short term deposits                             11,095                           2,547

                                                         11,546                           4,899

Current Liabilities (due within one year)
Creditors                                                 2,432                           1,448
Dividend payable                                          1,275                           1,230

                                                          3,707                           2,678

Net Current Assets                                                      7,839                         2,221


Total Assets less Current Liabilities                                 119,978                       116,428
Creditors (due after one year)                                         35,587                        35,611


                                                                       84,391                        80,817




Capital and Reserves Share Capital
Ordinary                                                                4,555                         4,555

Reserves
Share Premium Account                                    18,446                          18,446
Capital Reserve - realised                               33,351                          34,498
Capital Reserve - unrealised                             15,198                          10,823
Revaluation Reserve                                      11,553                          11,245
Revenue Reserve                                           1,288                           1,250

                                                                       79,836                        76,262


Equity Shareholders' Funds                                             84,391                        80,817



Net Asset Value per ordinary share                                    185.27p                       177.43p






                           VALUE AND INCOME TRUST PLC



CONSOLIDATED CASHFLOW STATEMENT

For the year ended 31 March 2002
                                                               2002                           2001
                                                          £000        £000              £000         £000
Operating activities:
Dividends received from investments                                  3,442                          3,195
Rental income                                                        3,366                          3,020
Interest received                                                      173                            333
Other income                                                            21                             21
Investment management fees paid                                    (1,755)                          (881)
Administration fees paid                                              (88)                          (115)
Directors' fees paid                                                  (24)                           (25)
Other cash payments                                                  (202)                          (121)

Net cash inflow from operating activities                            4,933                          5,427

Returns on investments and servicing of finance:
Interest paid                                                      (3,525)                        (3,526)
Taxation:
Tax paid                                                             (133)                           (34)

Capital expenditure and financial investment:
Purchases of investments                              (23,358)                      (34,630)
Sales of investments                                    33,136                        33,182


Net cash inflow/ (outflow) from capital
expenditure and financial investment                                 9,778                        (1,448)

Equity dividends paid                                              (2,505)                        (2,414)


Net cash inflow/ (outflow) before financing                          8,548                        (1,995)


Increase/ (Decrease) in cash                                         8,548                        (1,995)



NOTES :

1.              The accounts are prepared under the same accounting policies
used for the year to 31 March 2001 except that, on consolidation, an adjustment
has been made to charge 50% of the investment management fee paid by the Group
to capital. A £133,000 adjustment to capital from revenue has been made in the
statement of total return to the 2001 figures to reflect this change on a
consistent basis. This allocation has no effect on the total return of the
company.

2.              The final dividend, subject to shareholder approval, will be
paid on 8 July 2002 to shareholders on the register at the close of business on
21 June 2002. The ex-dividend date is 19 June 2002.

3.              The investment management fee charged to capital includes a
performance fee of £855,000 including VAT.

4.              The statement of total return, balance sheet and cash flow
statement set out above do not represent full accounts in accordance with
Section 240 of the Companies Act 1985. The financial information for the year
ended 31 March 2001 (subject to the restatement per note 1 above) has been
extracted from the Annual Report and Accounts of the Company which have been
filed with the Registrar of Companies. The auditors' report on those accounts
was unqualified. The statutory accounts for 2002 are unqualified and will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting which will be held at Donaldson House, 97 Haymarket Terrace, Edinburgh,
on 5 July 2002 at 12.30 pm. The accounts were approved by the board of directors
on 3 May 2002.

5.              The Annual Report and Accounts will be posted to shareholders on
24 May 2002 and copies will be available from the company secretary.



For Value and Income Trust plc

Edinburgh Fund Managers plc, SECRETARY



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