VALUE AND INCOME TRUST PLC
                                    
                           PRELIMINARY RESULTS
                      FOR THE YEAR TO 31 MARCH 2003



SUMMARY
                               31 March 2003     31 March 2002
                                                       
Net asset value per share         138.8p            185.3p
Share price                       114.0p            152.5p
Total dividends per share          5.8p              5.6p
Portfolio total                �98.8 million    �120.0 million



THE YEAR

* Net asset value total return, including net dividends, was -22.9%
  and share price total return was  -22.2% compared with the All Share
  Index total return of - 29.8%

* VIT's UK equities returned -24% and property +12%

* Total dividends for the year of 5.8p, up 3.6% - the sixteenth
  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.


Outlook

The  prospects for UK equities are more encouraging than for most  other
equity markets.  At the year end our equity and property portfolios were
yielding  5.7% net and 7.6% respectively.  VIT is nearly fully  invested
at present.

Dividend

The Directors are recommending a final dividend of 2.9p net per Ordinary
Share  to be paid on 8 July 2003 to shareholders registered on  20  June
2003.   In the current year they expect to pay a total dividend of  6.0p
per share (a 3.4% increase).

The Annual Report will be posted to shareholders on 23 May 2003.  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: 0207-439-4400



                       VALUE AND INCOME TRUST PLC
                 CONSOLIDATED STATEMENT OF TOTAL RETURN
  (incorporating the revenue account*) for the year ended 31 March 2003

                             2003                        2002
                  Revenue   Capital     Total  Revenue   Capital   Total
                     �000      �000      �000     �000      �000    �000
Income                                                                  
Securities                                                              
Dividends from      3,269         -     3,269    3,212         -   3,212
UK Companies
Interest from UK      189         -       189      185         -     185
Companies
Properties                                                              
Rental Income       3,155         -     3,155    3,357         -   3,357
Interest on           224         -       224      174         -     174
deposits
Underwriting           16         -        16        4         -       4
commission
Other income           10         -        10       17         -      17
                  _______   _______     _____  _______   _______  ______
                                                                       _
                    6,863         -     6,863    6,949         -   6,949
Expenses                                                                
Investment          (401)     (401)     (802)    (417)   (1,273)  (1,690)
management fee                                                         
Administration      (344)         -     (344)    (339)         -   (339)
expenses
                  _______   _______    ______  _______   _______  ______
                                                                       _
                    6,118     (401)    (5,717    6,193   (1,273)   4,920
Capital                                                                 
(losses)/profits
Net realised            -   (1,250)   (1,250)        -        23      23
(losses)/gains
on investments
Movement in             -  (19,478)  (19,478)        -     4,683   4,683
unrealised
appreciation
                  _______   _______   _______  _______   _______  ______
                                                                       _
                                                                        
Net return          6,118  (21,129)  (15,011)    6,193     3,433   9,626
before finance
costs and
taxation
Interest payable  (3,501)         -   (3,501)  (3,501)         -  (3,501)
and similar                                                            
charges
                  _______   _______   _______   ______   _______  ______
                                                                       _
                                                                        
Return on           2,617  (21,129)  (18,512)    2,692     3,433   6,125
ordinary
activities
before taxation
Taxation                -         -         -    (103)       103       -
                  _______   _______   _______   ______   _______  ______
                                                                       _
                                                                        
Return              2,617  (21,129)  (18,512)    2,589     3,536   6,125
attributable to
equity
shareholders
Dividends in      (2,642)         -   (2,642)  (2,551)         -  (2,551)
respect of                                                             
ordinary shares
                  _______   _______   _______   ______   _______  ______
                                                                       _
Transfer             (25)  (21,129)  (21,154)       38     3,536   3,574
(from)/to
reserves
                  _______   _______   _______   ______   _______  ______
                                                                       _
Return per          5.74p  (46.39p)  (40.65p)    5.68p     7.76p  13.44p
ordinary share                                                          
                                                                        
Dividend per        5.80p                        5.60p                  
ordinary share                                        

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


          VALUE AND INCOME TRUST PLC CONSOLIDATED BALANCE SHEET
                            at 31 March 2003
                                    2003                   2002
                                 �000     �000           �000       �000
                                                                        
Investments                                                             
Listed in UK                            55,207                    73,339
Investment properties                   41,165                    38,800
                                       _______                   _______
                                        96,372                   112,139
Current Assets                                                          
Debtors                           554                     451           
Cash and short term deposits    4,534                  11,095           
                              _______                 _______           
                                5,088                  11,546           
                              _______                 _______           
Current Liabilities (due                                                
within one year)
Creditors                       1,339                   2,432           
Dividend payable                1,321                   1,275           
                              _______                 _______           
                                2,660                   3,707           
                              _______                 _______           
Net Current Assets                       2,428                     7,839
                                       _______                   _______
Total Assets less Current               98,800                   119,978
Liabilities
Creditors (due after one                35,563                    35,587
year)
                                       _______                   _______
TOTAL NET ASSETS                        63,237                    84,391
                                       _______                   _______
                                                                        
                                                                        
Capital and Reserves Share                                              
Capital
Ordinary                                 4,555                     4,555
                                                                        
Reserves                                                                
Share Premium                  18,446                  18,446           
Capital Reserve - realised     31,700                  33,351           
Capital Reserve - unrealised  (5,824)                  15,198           
Revaluation Reserve            13,097                  11,553           
Revenue Reserve                 1,263                   1,288           
                              _______                 _______           
                                        58,682                    79,836
                                       _______                   _______
Equity Shareholders' Funds              63,237                    84,391
                                       _______                   _______
                                                                        
Net Asset Value per ordinary           138.82p                   185.27p
share
                                                                        


                       VALUE AND INCOME TRUST PLC
                     CONSOLIDATED CASHFLOW STATEMENT
                    for the year ended 31 March 2003
                                    2003                  2002
                                 �000      �000       �000         �000
Operating activities:                                                  
Income received from                      3,341                   3,442
investments
Rental received                           3,223                   3,366
Interest received                           224                     173
Other income                                 26                      21
Investment management fees                (803)                 (1,755)
paid
Administration fees paid                  (161)                    (88)
Directors' fees paid                       (32)                    (24)
Other cash payments                       (120)                   (202)
                                        _______                 _______
Net cash inflow from                      5,698                   4,933
operating activities
                                                                       
Servicing of finance:                                                  
Interest paid                           (3,525)                 (3,525)
Taxation:                                                              
UK tax repaid/(paid)                         13                   (133)
                                                                       
Capital expenditure and                                                
financial investment:
Purchases of investments     (27,654)              (23,358             
                                                         )
Sales of investments           21,503               33,136             
                              _______              _______             
Net cash (outflow)/inflow                                              
from capital expenditure                (6,151)                   9,778
and financial investment
                                                                       
Ordinary dividends paid                 (2,596)                 (2,505)
                                        _______                 _______
Net cash (outflow)/inflow               (6,561)                   8,548
before financing
                                        _______                 _______
(Decrease)/Increase in cash             (6,561)                   8,548
                                        _______                 _______
NOTES :
1.The accounts are prepared under the same accounting policies  used
 for the year to 31 March 2002.
2.The final dividend, subject to shareholder approval, will be  paid
 on  8 July 2003 to shareholders on the register at the close of business
 on 20 June 2003. The ex-dividend date is 18 June 2003.
3.The  financial  information  contained  within  this  preliminary
announcement  does  not constitute the company's statutory  accounts  as
defined in section 240 of the Companies Act 1985 for the years ended  31
March  2003  or  2002,  but is derived from those  accounts.   Statutory
accounts for 2002 have been delivered to the Registrar of Companies  and
those  for 2003 will be delivered following the company's annual general
meeting  which  will  be held at Donaldson House, 97 Haymarket  Terrace,
Edinburgh  on  4 July 2003 at 12.30 pm.  The auditors have  reported  on
those  accounts;  their reports were unqualified  and  did  not  contain
statements  under s237(2) or (3) Companies Act 1985.  The  accounts  and
preliminary  announcement were approved by the board of directors  on  9
May 2003.
4.The Annual Report and Accounts will be posted to shareholders on 23
 May 2003 and copies will be available from the company secretary.

For Value and Income Trust plc
Edinburgh Fund Managers plc, Secretary