RNS Number:9833N
Derby Trust PLC
28 July 2003

               ACCOUNTS FOR THE SIX MONTHS TO 30TH JUNE 2003

At a board meeting of the company held this morning it was resolved to pay an 
interim dividend of 13.6598 pence per Income Share on 31st August 2003 to the 
Income shareholders whose names appear on the Register of Members on 8th August
2003. Approval was also given to the Interim Accounts for the six months ended 
30th June 2003.


                              INTERIM REPORT
                    for the six months to 30th June, 2003

In the first six months of the year total assets less current liabilities rose
from #93.011 million to #98.734 million, an increase of 6.2%. Net assets per
Capital share were 625 pence, compared with 703 pence and 587 pence
respectively at 30th June, 2002 and 31st December, 2002. Details of the
geographical breakdown of the portfolio and a list of the twenty largest
investments are given at the end of this report.

The period under review has seen below trend rates of growth in both the USA and
the UK, while 'Euroland' is close to recession and Japan shows early signs of
recovery. Stockmarkets have recovered strongly from the March lows,
anticipating better growth and higher profits later this year and in 2004.

CAPITAL ACCOUNT
The capital performances of the geographical areas in the first six months are 
shown below, adjusted for sterling movements where appropriate.

                                                      Relevant
                                Derby                    Index      
                                    %                        %
UK                               +3.9                     +4.1
USA                             +18.2                     +8.1
Canada                          +17.1                    +19.7
Japan                            -0.5                     +3.4
Asia Pacific (ex Japan)          +9.3                     +9.1

The 6.2% increase in total assets compares with a 4.1% rise in the FT All-Share 
Index, with performance being helped by the Trust's exposure to North America 
and Asia Pacific.

REVENUE ACCOUNT
Net revenue for the six months was #1.613 million compared with #1.687 million
in the comparable period last year. The net dividend has decreased from 14.2818
pence to 13.6598 pence, a decrease of 4.4%.

Your Board is maintaining the dividend forecast, made earlier in the year, that
dividends for 2003 will be approximately 25 pence per share.

Income Shareholders can be assured that in addition to the first interim
dividend payable on 31st August, 2003, it is the intention of the Board to pay a
second interim dividend just prior to the date of the appointment of the
Liquidator.

INVESTMENT POLICY
The investment strategy remains the achievement of long term appreciation
through a broadly spread equity portfolio, both geographically and by sector. It
is also the intention to achieve overall income growth.

OUTLOOK
The major economies saw disappointing growth in 2002 and there was little
evidence of recovery early this year as the Iraq crisis kept confidence at low
levels. The ending of the main conflict, however, led to tentative signs of
improvement, particularly from consumers. Central banks have continued to lower
interest rates, with the Bank of England base rate of 3.5% being the lowest for
48 years and the US Federal Reserve funds rate is down to 1%. Furthermore, tax
cuts of US$350 billion should accelerate growth in the second half of this year,
but there are few signs yet of any significant upturn in capital expenditure in
general, and spending on information technology in particular.

Company profits announcements have generally been better than expected and the
low levels of stockmarkets have created a resurgence of merger and acquisition
activity, particularly from private equity funds. This could prove to be an
important support for markets and investor confidence should continue to improve
throughout the remainder of the year.

DURATION OF THE COMPANY
In the last Chairman's Statement shareholders were informed that the Directors
envisaged putting forward proposals which will enable them either to receive
cash or transfer their assets to one or more funds managed by another manager.

The Board is well advanced with the selection of one manager, who will provide a
range of alternatives from which shareholders may choose. A circular will be
sent to all shareholders later in the year.

By Order of the Board
C.C. KNIGHT
Secretary                                                        25th July, 2003


                           STATEMENT OF TOTAL RETURN
                    (incorporating the Revenue Account)

                        Six months to 30th June, 2003     Six months to 30th June, 2002     Year to 31st December, 2002
                                 (unaudited)                       (unaudited)                      (audited)           
                      Revenue     Capital     Total     Revenue     Capital     Total     Revenue     Capital     Total
                        #'000       #'000     #'000       #'000       #'000     #'000       #'000       #'000     #'000

Gains/(losses) on 
investments                 -       5,723     5,723           -     (11,577)  (11,577)          -     (29,381)  (29,381)
Income from 
investments             1,906           -     1,906       1,988           -     1,988       3,626           -     3,626
Other income receivable    66           -        66         103           -       103         202           -       202


Gross revenue/capital 
gains/(losses)          1,972       5,723     7,695       2,091     (11,577)   (9,486)      3,828     (29,381)  (25,553)
Investment management
fee                      (248)          -      (248)       (278)          -      (278)       (557)          -      (557)
Other expenses            (48)          -       (48)        (49)          -       (49)        (95)          -       (95)

Return on ordinary 
activities before tax   1,676       5,723     7,399       1,764     (11,577)   (9,813)      3,176     (29,381)  (26,205)
Tax on ordinary           
activities                (63)          -       (63)        (77)          -       (77)       (137)          -      (137)

Return on activities
after tax for the 
period                  1,613       5,723     7,336       1,687     (11,577)   (9,890)      3,039     (29,381)  (26,342)
Dividend in respect of                          
non-equity shares      (1,613)          -    (1,613)     (1,687)          -    (1,687)     (3,039)          -    (3,039)
                                              
Net return attributable 
to shareholders             -       5,723     5,723           -     (11,577)  (11,577)          -     (29,381)  (29,381)
                                             

The Revenue columns of this Statement are the Profit and Loss Accounts of the Company.

The accompanying notes are an integral part of this Statement.

All Revenue and Capital items in the above Statement derive from continuing operations.

RETURN PER SHARE (basic and fully diluted)
Income Shares         13.6598p          -               13.6598p    14.2818p        -     14.2818p

(The first interim dividend is payable on 31st August, 2003 to the Income Shareholders registered on the Company's 
Record date 8th August, 2003)

Capital Shares              -       #0.38                 #0.38                                 -      #(1.92)   #(1.92)


The above figures do not constitute statutory accounts and those relating to
31st December, 2002 are an abridged version of the company's full accounts which
carry an unqualified Auditor's Report and which have been filed with the
Registrar of Companies.

Deloitte & Touche have informed the directors that on 1st August, 2003 they are
intending to transfer their business to a limited liability partnership
incorporated under the Limited Liability Partnerships Act 2000, to be known as
Deloitte & Touche LLP. It is the current intention of the directors to use the
Company's statutory power to give consent to the appointment of Deloitte &
Touche being treated as extending to Deloitte & Touche LLP from that date.

This announcement is being sent to the shareholders and copies are available for 
members of the public at the company's registered office.

DERBY TRUST p.l.c.

CASH FLOW STATEMENT
30th June 2003

                                     30th June                 30th June 
                                          2003                     2002
                                   #            #           #             #

Net cash inflow from
  Operating activities                      1,607,858                 1,625,780

Servicing of finance
Dividend paid                (1,352,021)                (1,432,606)

Net cash outflow from
  servicing of finance                     (1,352,021)               (1,432,606)

Taxation
UK tax paid                      (2,204)                    (1,728)
Overseas tax paid               (62,507)                   (56,759)

Tax paid                                      (64,711)                  (58,487)

Capital expenditure
Payments to acquire
 investments                 (4,291,824)                (6,191,849)
Receipts from sale of
  investments                 3,950,838                  7,424,598

Net cash (outflow)/inflow from
investing activities                         (340,986)                1,232,749

Management of liquid
resources
(Decrease)/increase in call 
deposits                                     (149,860)                1,367,436



                                    BALANCE SHEET

                                 As at 30th June 2003          As at 30th June 2002
                                   #'000         #'000          #'000          #'000 

Fixed assets
Investments                                    96,298                       105,834

Current assets
Debtors                               522                          844
Cash and deposits                  4,376                        7,174

                                   4,898                        8,018

Creditors: amounts falling
 due within one year               2,462                        3,037

Net current assets                              2,436                         4,981

Total assets less current
 liabilities                                #9,98,734                      #110,815

Capital and reserves
Called up share capital                         4,486                         4,486
Share premium                                   3,417                         3,417
Other reserves                                 90,831                       102,912

                                              #98,731                      #110,815

The financial statements on pages 3 to 6 were approved by the Board on 25th July, 2003

N.McAndrew            )
                      ) Directors
D.J. Lewis            ) 


                                  CASH FLOW STATEMENT

                                       Six months to                           Six months to
                                       30th June, 2003                         30th June, 2002 
                                       #'000      #,000                        #'000      #'000

Net cash inflow from
 operating activities                             1,608                                   1,626

Servicing of finance
Dividend paid                       (1,352)                                  (1,433)

Net cash outflow from
 servicing of finance                            (1,352)                                 (1,433)

Taxation
UK Tax paid                             (2)                                      (2)
Overseas tax paid                      (63)                                     (57)

Tax paid                                           (65)                                     (59)

Capital expenditure
Payments to acquire
 investments                        (4,292)                                  (6,192)
Receipts from sale of
 investments                         3,951                                    7,425

Net cash(outflow)/
 inflow from
 investing activities                             (341)                                    1,233

Management of liquid
resources
(Decrease)/increase in
 call deposits                                    (150)                                    1,367



                                           TWENTY LARGEST INVESTMENTS
                                              as at 30th June 2003

                                         Geographic               % of
             Holding                       Area                Portfolio

GlaxoSmithKline                             UK                   6.45
BP                                          UK                   5.21
Vodafone Group                              UK                   4.86
Royal Bank of Scotland Group                UK                   4.58
AstraZeneca                                 UK                   3.44
Friedman Billings Ramsey                    USA                  3.00
First State Asia Pacific Fund 'B'
Accumulation Shares                 ASIA PACIFIC (EX JAPAN)      2.98
Tesco                                       UK                   2.66
Lloyds TSB Group                            UK                   2.57
Cousins Properties                          USA                  2.57
BAA                                         UK                   2.36
Cadbury Schweppes                           UK                   2.17
Merchant Retail Group                       UK                   2.12
Aviva                                       UK                   1.93
Scottish Power                              UK                   1.84
Smiths Group                                UK                   1.78
Comcast Corporation Special 'A'             USA                  1.78
BOC Group                                   UK                   1.69
Great Universal Stores                      UK                   1.51
Diageo                                      UK                   1.41

                                                                56.91%

                                  BREAKDOWN OF PORTFOLIO
                                  as at 30th June, 2003

                                                                % of
                                                             Portfolio

United Kingdom Equities                                       73.60
USA Equities                                                  14.34
Canada Equities                                                4.13
Asia Pacific(Ex Japan)                                         2.98
Cash Balances                                                  2.49
Japan Equities                                                 1.66
Europe Equities                                                0.80

                                                             100.00%

                              DIRECTORS, OFFICERS & ADVISERS

                                      Chairman
                                     N.McAndrew

                                Executive Directors
                                    D.J.Burnstone
                                      D.J.Lewis
                                      J.E.Riley

                                Non Executive Directors
                                  M.B.Brenninkmeyer
                                 M.C.L.Brenninkmeyer
                                     C.J.Govett
                                     J.Loudon

                                Investment Manager
                         Chatsworth Management Services Limited
                            1 Connaught Place, London W2 2DY
                                (Telephone: 0207 7402 5500)

                                    Banking Services
                                     HSBC Bank plc
                 Poultry & Princes Street Branch 27-32 Poultry, London ECP 2BX 

                                     Matlock Bank Limited
                              1 Connaught Place, London W2 2DY

                                        Auditors
                                     Deloitte & Touche
                  Stonecutter Court, 1 Stonecutter Street, London EC4A 4TR

                                       Solicitors
                                     Herbert Smith
                     Exchange House, Primrose Street, London EC2A 2HS

                              Secretary and Registered Office
                                   C.C.Knight, F.C.A.
                             1 Connaught Place, London W2 2DY
                                (Telephone: 020 7402 5500)

                               Registrars and Transfer Office

                                        Capital Registrars
                     The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU
                                  (Telephone: 0870 162 3100)

                                        Brokers
                                     Cazenove & Co.
                            20 Moorgate, London EC2R 6DA

                                 Derby Trust p.l.c.
                          Registered in England No.889466                              




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