AMP.6000.0145Super Directions Fund Notes to the financial statements for the year ended 30 June 2017...

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Super Directions Fund

Notes to the financial statements for the year ended 30 June 2017

1. Operation of the Fund

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The Super Directions Fund (the 'Fund') was initially established by a Trust Deed dated 12 April 1999. The Fund is domiciled in Australia and the address of the Fund's registered office is Level 24, 33 Alfred Street, Sydney, NSW 2000.

The Fund is a defined contribution superannuation fund and operates primarily for the purpose of providing for members (and their dependents or beneficiaries) benefits upon retirement, termination of service, death or disablement.

Administration of the Fund was conducted by National Mutual Life Association of Australasia Limited (ABN 72 004 020 437) (herein referred to as "NMLA") for the period up to 31 December 2016. Effective 1 January 2017 the administration of the Fund was assumed by AMP Life Limited (ABN 84 079 300 379) (herein referred to as "AMPL"). The registered office of the Administrator is Leve! 24. 33 Alfred Street, Sydney, NSW 2000.

The Trustee of the Fund is N.M. Superannuation Proprietary Limited (ABN 31 008 428 322) (herein referred to as "NM Super'') and it is the holder of a public offer Registrable Superannuation Entity Licence (licence no L0002523). In accordance with amendments to the Superannuation Industry (Supervision) ("SIS") Act 1993 the Fund was registered with the Australian Prudential Regulation Authority in June 2006 (registration no R1056433).

2. Summary of significant accounting policies

(a) Basis of p reparation

The financial statements are a general purpose financial report which has been prepared in accordance with Australian Accounting Standards, and other authoritative pronouncements of the Australian Accounting Standards Board, the SIS Act 1993 and its regulations and the provisions of the Trust Deed.

The financial statements are presented in Australian Dollars and all values are rounded to the nearest thousand except where otherwise indicaled.

The Fund is a not-for-profit entity for the purpose of preparing financial statements.

The financial statements were authorised for issue by the Board of Directors of the Trustee on J 7 September 2017.

(b) New accounting standard adopted - AASB 1056 "Superannuation Entities"

AASB 1056 "Superannuation Entities" is applicable for financial statements preparation for annual reporting periods beginning on or after 1 July 2016. The impact of initial application is summarised below:

Changes to the presentation format of the financial statements; Changes to the measurement of assets and liabilities from 'net market value' to 'fair value', excluding member liabilities, tax assets and liabilities; Additional disclosure requirements for assets and liabilities held at fair value as required by AASB 13 "Fair Value Measurement";

Member benefits recognised as liabilities rather than equity; and Contributions, rollovers and other inward transfers and benefits paid to members are not in the nature of income or expenses, and are presented in the Statement of changes in member benefits.

The Fund has applied the new accounting standard retrospectively from the start of the comparative year.

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Super Directions Fund

Trustee statement for the year ended 30 June 2017

In the opinion of the Trustee of the Super Directions Fund:

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(1) the accompanying financial statements of the Super Directions Fund are properly drawn up so as to present fairly the financial position of the Fund as at 30 June 2017 and the results of Its operations and cash flows for the year ended on that date in accordance with Australian Accounting Standards and other mandatory professional reporting requirements in Australia; and

(2) the Fund has been conducted in accordance with its constituent Trust Deed dated 12 April 1999 and the requi rements of the Superannuation Industry (Supervision) Act 1993 and Regulations and the Corporations Act 2001 and Regulations and Guidelines during the year.

Signed in accordance with a resolution of the Board of Directors of N.M. Superannuation Proprietary Limited (ABN 31 008 428 322).

Director Director

Sydney. J? September 2017

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