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Corporate Data

4

Board of Directors

5

Chairman’s Report

6

Director’s Report

7

Auditor’s Report

8

New Services Offered

9

Facts and Figures Portfolio of Investments

10 11-13

Statement of Cash Flow

14

Balance Sheet

15

Mission Statement

16

3


National Security Bank 186 Nautilus Boulevard • Victoria BC Canada V8V 5E7 (250) 388-7000 • (250) 388-2011 • Fax: (250) 388-7599 • www.nsb.ca 4


Chloe Smythe

Martina Dons

Lady Katherine Anil

Group Finance Director ACWO Group Ltd

Chairperson Holme & Giffe Funds Ltd

Janie Doe

Hon. Marie Ruth

Colin Fishwicke

Vice President Life Insurance Co Ltd

Resident Resource Services Intl Ltd

General Manager Ginnal Investments Ltd

Chairperson Natl Security Bank Ltd

5


In the year under review, the Trust Funds that invest in stocks and shares were affected by the continued fluctuations in the values of Stocks at home and abroad. On 4th November 2011 NSB introduced daily pricing of Unit Trust Funds, a major change from the weekly pricing which had been in effect since 2008.

N

ational Security Bank is an old and respected bank which has given 150 years of profitable service as an investment bank to select companies. In March of 2010 the bank was acquired by Seam Investments Limited and a new Board of Directors and Management Team appointed. In keeping with Seam’s people-oriented policies NSB opened its doors to the general public and placed at their disposal years of investment and banking knowledge. We offer friendly service and investment advice through new and varied account options, and look forward to expanding our customer base through 2011 to the new millennium in 2100.

6

During the year, sales of new units amounted to $4,250 million. Encashments totalled $1,700 million. In the year under review, the economy continued through a period of change. Features of business activity during this period were concerns about the value of the dollar, high interest rates and high levels of inflation. The Canadian dollar remained stable during the period at C$ 1.66 to a healthy US$1.00. Interest rates have continued to be high; deposit rates are in the 2% per annum range and lending rates are at 6% and above. The Canadian Stock Market experienced a period of fluctuating activity as values and volumes rose and then declined. The Stock Exchange Index moved from 13,100 points at the start of the

period under review to 15,300 points at the end of April 1998. In January 1999 the Index was at 19,600 points. Activity on the Stock Market has continued in a declining mode. At the date of this Report, the Index was at 14,500 points. At the end of February 2010 Dr J. Nite, Mrs. V. Audit and Mr. M. Mighty resigned from the Board of Directors. I must record our deep appreciation of the contributions made by the former Board over a period of many years. Our present Board was elected on 1st March 2010, and we look forward to a long and profitable relationship with each of them. I wish to record our thanks and appreciation to our Unitholders for their support. I must express my thanks to the Directors for their support and to the Management and Staff for their hard work and dedication to the task at hand.

Chloe Smythe

Chloe Smythe, Chairperson, 20th March, 2011


The Directors of National Security Bank Ltd submit herewith their report for the year ended 30 April 2010 together with the Audited Accounts for the year ended on that date.

Accounts Profit for the year $59,000,167

Bonus Share Issue On 28th March, 2010, the Authorized Share Capital of the Company was increased by 100,000,000 Shares of 50 cents each. Shares totalling 90,750,000 were issued to existing shareholders as Bonus Shares by capitalization of $51,750,000 from retained earnings. The Bonus issue was in the proportion of eighteen Ordinary Shares for every on Share held at 28th March, 2010.

Add. balance brought forward $203,666,234 $262,666,401

Dividends The Directors do not recommend that a Dividend be declared for the year ended 30th April, 2010.

Bonus share issue ($55,200,000) $212,466,401

Directors In accordance with the Company’s Articles of Association, Dr J. Nite, Mrs. V. Audit and Mr. M. Mighty resigned from the Board of Directors. The present Directors of the Company are Lady Katherine Anil, the Hon. Marie Ruth, Chloe Smythe, Janie Doe, Martina Dons, and Colin Fishwicke. Auditors Pryce Dryhouse, the retiring Auditors, have signified that they are willing to continue office in accordance with the provisions of Section 153 of the Companies Act. ON BEHALF OF THE BOARD OF DIRECTORS

John Smith John Smith, Chairman, 20th March, 2011.

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PRYCE DRYHOUSE 18 March 2011 To the members of National Security Bank Ltd Victoria Auditors’ Report We have examined the financial statements of National Security Bank Ltd, and have obtained all the information and explanations which we required. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary. In our opinion proper accounting records have been maintained and the financial statements, which are in agreement therewith and have been prepared under the historical cost convention, comply with the provisions of the Companies Act and give a true and fair view of the state of the company’s affairs at 30 April 1999 and of the results of operations and cash flows for the year then ended. A successful audit indeed.

Dewey Cheatum

Chartered Accountants

Joeseph Blaugh, CEO Pryce Dryhouse 8


Adult Savings Accounts We offer 6.5% interest per annum on accounts which maintain an annual balance of over $50,000.00, and 7% interest on accounts which maintain an annual average of over $100,000.00 per annum.

Our knowledgeable staff is ready to help with any of your banking needs!

NSB offers a numbered service system and plenty of comfortable seating while you wait. A Special Care Teller is available for Golden Agers, expectant Mums and the injured. Current Accounts Free cheque books and 1.25% interest per annum come with accounts with balances over $2,000. Overdraft facilities are available on an individually-negotiated basis. You receive monthly balance sheets, a complimentary cash withdrawal card, and a chance to win an all expenses paid trip for two to Martinique!

Fixed Deposit Accounts At present we offer Fixed Deposit Accounts for amounts over $1,000.00 with interest rates of 5%-6%. Junior Accounts We offer special Junior Accounts geared towards saving towards further education; young people with a consistent monthly savings record will be eligible for student loans at .25% below the average interest rate at the time of application.

Our knowledge of local and foreign stock markets a helps us to advise you on the most profitable investment decisions to be implemented in any one of five international stock exchanges within minutes. We also offer mixed portfolio packages and a range of Blue Chip shares. Loan Facilities We offer excellent rates of interest on a variety of loans, with special consideration and easy payback facilities to students and cases of financial emergency.

Golden Age Savings Accounts Golden Age Savings Accounts are available to our senior citizens over the age of 60. All Golden Age Savings Accounts will receive a minimum of 5.5% annual interest - and are automatically tax free! Investment Accounts We can arrange individual investment accounts for amounts over $10,000.00.

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Why should you invest with us? If our long term records of successful growth are not convincing enough, have a look at the facts and figures over the past 5 years. The bank recorded revenue of $15.8 million in the 2009-10 financial year, reflecting a growth of 18% over the previous year. Earnings from overseas investments continued to be the primary source of income, contributing 14% to total revenue; substantial contributions came from local investments, earnings from loans, and investment and service charges.

Five-year Comparison of Income Categories 2006-2010 (in billions)

Five-year Comparison of Totals by Income Categories 2006-2010 (in billions)

20

Loans

15

Local Investments

10

Local Stocks and Shares

5

0

Foreign Stocks and Shares

2006 2007 2008 2009 2010 4.2 b 5.5 b 8.7 b 11.2 b 16 b Financial Year

10

46.3 Billion Total

Loans Local Investments Local Stocks/Shares

Foreign Stocks/Shares

Total Income

2006

1.00

1.50

.50

1.20

4.20

2007

1.50

1.80

.75

1.15

5.50

2008

2.80

2.20

1.00

2.70

8.70

2009

3.50

3.20

1.50

4.00

11.20

2010

7.00

3.50

1.10

4.40

16.00

Total:

15.80

12.20

4.85

13.45

46.30


30 April 2010 Holdings Equities

Valuation At Asking Price ($CAN)

800,000 Scotty Bank Canada Ltd

13,600,400

% of Fund 13.00

1,000,002 Cappy Finance Group

2,000,000

2.00

1,400,000 Tropicana Cement Co Ltd

5,000,000

5.00

12,600,000

12.00

3,800,002 Careers Group Ltd 500,400 COTS Ltd

7,500,000

7.00

30,000 COTS Carib Ltd

630,000

6.00

205,400 Peoples Bank Ltd

1,250,500

12.08

900,000 Dail Group Ltd

9,500,000

9.00

1,400,000 Cleaner Co Ltd

6,420,000

6.00

3,500,000 Goodys Canada Ltd

3,200,500

3.00

500,800 Gracias Jose & Co Ltd

10,000,000

10.50

250,000 Cay Life Insurance Ltd

3,900,000

3.00

6

1.00

3,080 Boilers Group Ltd

1 Indys Developments Ltd

21,600

21.00

612,700 Flower Power Ltd

5,200,200

5.00

113,200 Mercury Ltd

4,500,555

45.00

1,300,200 Jamhappy Ltd

4,800,200

48.00

3,500,000 NSB Ltd

2,500,200

2.00

47,000

47.00

24,500

2.00

780,900 Photocomms USA

5,700,000

57.00

810,000 Pymco Development Bank Ltd

4,200,000

4.00

3,750,200

3.00

110,561,183

100.58

10,000 Radio Uplift Canada Ltd 2,500 Prods Ltd

99,000 W’s Savings Bank Ltd Fixed Interest 12,000 - 11.5%

Government Stock 2010

6,000 - 12%

Registered Stock 2010

Carried Forward

7,755 39,000 110,700,003

100.55

11


Brought Forward

Valuation At Asking Price ($CAN)

% of Fund

110,700,003

100.00

Corporate Debentures And Preference Shares Quantity %

Company

100,000 7.5

The Canada Sleeperstock Assoc Ltd, cumulative preference shares

300,000

135,053 11.6

National Investments Co Ltd, variable rate, 2009

137,000

350 5

Canada Light Ltd

130

117,500 5

Canada Light Ltd, preference “D” shares

5,000

44,700 6

Canada Light Ltd, preference “E” shares

17,900

13,700 7

Canada Light Ltd, preference “B” shares

5,500

200 5.5

Canada Phones Ltd, cumulative preference shares

75

300 6

Canada Phones Ltd, cumulative preference shares

115

63,500 25

People’s Bank Ltd, cumulative preference shares

63,500

27,000 20

People’s Bank Ltd, cumulative preference shares

32,000 580,000

.54

111,190,500

101.14

(1,296,058)

1.15

109,900,500

100.83

Cash and Sundries Deposits, receivables and other assets, less income available for distribution, payables and other liabilities Total Value of Depositied Property

12


Year Ended 30 April, 2010

GROSS INCOME

2009

2010

116,000,200.00

45,870.00

50,281,500.00

30,670,050.00

PROFIT BEFORE TAXATION

607,500,600.00

15,000,600.00

TAXATION

900,500,400.00

4,600,800.00

45,000,200.00

9,600,400.00

retained earnings at beginning of

102,800,500.00

98,000,900.00

150,600,234.00

107,800,000.00

EXPENSES

NET PROFIT

APPROPRIATIONS BONUS ISSUE DIVIDEND - GROSS RETAINED EARNINGS

44,900,000.00 –

– 4,998,200.00

44,900,000.00

4,998,200.00

104,700,778.00

100,888,546.00

13


Year Ended 30 April 2010 FINANCIAL RESOURCE WERE PROVIDED BY/

1998 $

1997 $

(USED IN) OPERATING ACTIVITIES: Net profit

7,700,150.00

9,500,600.00

1,700,250.00

1,106,500.00

____-___

(380,800.00)

Items not affecting cash resources Depreciation Gain on sale of fixed investment

50,500,250.00

10,350,000.00

Taxation

8,095,400.00

1,500,800.00

Other receivables

(7,600,200.00)

400,100.00

Payables

3,900,800.00

(5,048,100.00)

Canada Investment Fund

15,300,200.00

30,700,66.00

70,200,100.00

37,700,600.00

(190,500.00.00)

(4,000,000.00)

-

490,000.00

Purchase of investments

(3,200,900.00)

(200,000.00)

Cash used in investments activities

(3,500,700.00)

3,800,250.00)

Changes in non-cash working capital components -

INVESTMENT ACTIVITIES ACQUISITION OF FIXED ASSETS Proceeds from sale of investments

14


30 April 2010 2009 2011 $ $ INVESTMENT OF CAPITAL INVESTMENTS (cost $70.300,500: 1997 - $ 97,200,000) 110,200,000.00 104,200,100.00 CURRENT ASSETS: Receivables 6,300,100.00 6,600,150.00 Deposits 53,000,303.00 25,500,450.00 Cash 32,900.80 89,250.00 CURRENT LIABILITIES: National Security Bank Investment Trust Services Limited Payables Dividend payable

85,000,280.00

33,200,800.00

59,100,200.00 215,200.00 26,350,010.00

51,700,400.00 194,100.00 19,100,900.00

84,002,343.00

70,900,517.00

NET CURRENT LIABILITIES CAPITAL INVESTED APITAL ACCOUNT C INVESTMENT REVALUATION RESERVE

(1,250,000.00) 110,920,580.00 75,300,600.00 34,900,000.00

(38,700,600.00) 65,200,900.00 59,450,000.00 6,840,900.00

ON BEHALF OF CANADA INVESTMENT TRUST SERVICES LIMITED

Norris Cole Norris Cole

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Our mission is to encourage and foster investments. Our people should save and invest until they have enough capital to go into their own business. In Canada we need more people to be business owners who have a stake in the country. It is by these means that we can build an economy that so helps build this nation.

“Advice You Can Bank On”™ 16

NRB Bank Report  

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