AUSTRALIAN MEAT INDUSTRY SUPERANNUATION TRUST … · 2020. 10. 26. · AUSTRALIAN MEAT INDUSTRY SUPERANNUATION TRUST Investment and Insurance Administration Operational Tax reserve

AUSTRALIAN MEAT INDUSTRY SUPERANNUATION TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

AUSTRALIAN MEAT INDUSTRY SUPERANNUATION TRUSTTABLE OF CONTENTS

Page

Statement of Financial Position 1Income Statement 2Statement of Changes in Member Benefits 3Statement of Changes in Reserves 4Statement of Cash Flows 5

Notes to the Financial Statements1. Operation of the Trust 62. Summary of significant accounting policies 6 - 123. Member Liabilities 134. Fair value of financial instruments 13 - 165. Investment properties direct 176. Receivables 177. Property, plant and equipment 178. Payables 179. Changes in fair value of investments 1810. Funding arrangements 1811. Reserves 1812. Income tax 19 - 2013. Operating expenses 2014. Auditors' remuneration 2015. Cash flow statement reconciliation 20 - 2116. Segment information 2117. Related party disclosures 21 - 2218. Financial risk management objectives and policies 22 - 2919. Insurance 2920. Commitments and contingent liabilities 2921. Significant events after balance date 29

Trustee StatementIndependent Report by the Approved Auditor to the Trustee


Note 2020 2019$ $

AssetsCash and cash equivalents 15 39,579,370 12,034,784Receivables 6 74,600 72,152Investments Cash and short term deposits 4 166,808,874 159,567,036 Global credit 4 172,646,612 185,856,982 Australian bonds 4 172,034,925 205,303,655 International bonds 4 65,822,563 65,477,761 Australian equities 4 472,542,820 589,631,842 International equities 4 636,493,311 639,645,587 Global infrastructure 4 159,889,964 150,288,868 Australian property 4 349,047,426 341,945,496 Derivative assets 4, 18c - 16,783 Directly held property 5 4,400,002 4,400,002Property, plant and equipment 7 337,942 378,261Deferred tax assets 12 1,179,253 352,284

Total assets 2,240,857,662 2,354,971,493

LiabilitiesPayables 8 (1,843,152) (2,695,724)Current tax liability (5,789,497) (5,670,949)Derivative liabilities 4, 18c (6,088,417) (1,790,899)Deferred tax liabilities 12 (10,780,115) (27,735,669)

Total liabilities excluding member benefits (24,501,181) (37,893,241)

Net assets available for member benefits 2,216,356,481 2,317,078,252

Member benefitsAllocated to members (2,200,930,146) (2,304,462,314)Unallocated to members 3 (644,911) (231,240)Total member liabilities (2,201,575,057) (2,304,693,554)

Net assets 14,781,424 12,384,698

EquityOther reserves 11 8,786,424 5,181,100Operational risk reserve 11 5,995,000 7,203,598

Total equity 14,781,424 12,384,698

1The above statement of financial position should be read in conjunction with the accompanying notes.

Statement of Financial PositionAs at 30 June 2020


Note 2020 2019$ $

Superannuation activitiesInterest 2,583,602 4,210,652Dividend revenue - 5,590,559Distributions from unit trusts 86,583,636 87,293,543Changes in assets measured at fair value 9 (109,160,857) 62,977,162Other investment income 1,304,900 1,228,542Group life rebates 2,473,640 2,674,725Other income 238,464 367,731

Total superannuation activities income (15,976,615) 164,342,914

Investment expenses (9,707,845) (10,161,486)Administration expenses (4,454,268) (3,545,054)Operating expenses 13 (5,040,554) (5,975,543)

Total expenses (19,202,667) (19,682,083)

Net result from superannuation activities (35,179,282) 144,660,831

(Loss) / profit from operating activities (35,179,282) 144,660,831Less: Net benefits allocated to members' accounts 26,071,476 (135,528,940)

(Loss) / profit before income tax (9,107,806) 9,131,891

Income tax (benefit) / expenses 12 (11,504,532) 9,250,416

Profit / (loss) after income tax 2,396,726 (118,525)

2

Income StatementFor the year ended 30 June 2020

The above income statement should be read in conjunction with the accompanying notes.


Note 2020 2019$ $

Opening balance of member benefits 2,304,693,554 2,106,747,321Contributions:Employer 175,909,123 163,021,020Member 11,707,514 12,044,363Transfers from other superannuation plans 69,870,162 67,923,928Government co-contributions 168,094 178,620Income tax on contributions (22,908,142) (19,423,113)

Net after tax contributions 234,746,751 223,744,818

Benefits to members/beneficiaries (303,369,822) (145,856,010)Insurance premiums charged to members' accounts (21,502,851) (30,233,305)Death and disability insurance benefits credited to members' accounts 13,078,901 14,761,790Benefits allocated to members' accounts, comprising: Net investment income (21,782,115) 141,610,875 Administration fees (4,289,361) (6,081,935)

Closing balance of member benefits 2,201,575,057 2,304,693,554

3

Statement of Changes in Member BenefitsFor the year ended 30 June 2020

The above statement of changes in member benefits should be read in conjunction with the accompanying notes.


Investment and Insurance Administration Operational Tax reserve reserve reserve risk reserve Total equity

$ $ $ $ $

Opening balance as at 1 Jul 2019 - 400,000 4,781,100 7,203,598 12,384,698Net transfers to/(from) reserves - - 1,208,598 (1,208,598) - Profit after income tax 3,386,424 - (989,698) - 2,396,726

Closing balance as at 30 June 2020 3,386,424 400,000 5,000,000 5,995,000 14,781,424

Insurance Insurance Administration Operationalreserve reserve reserve risk reserve Total equity

$ $ $

Opening balance as at 1 Jul 2018 - 400,000 4,899,625 7,203,598 12,503,223Net transfers to/(from) reserves - - - - - Loss after income tax - - (118,525) - (118,525)

Closing balance as at 30 June 2019 - 400,000 4,781,100 7,203,598 12,384,698

4

Statement of Changes in ReservesFor the year ended 30 June 2020

The above statement of changes in reserves should be read in conjunction with the accompanying notes.


Note 2020 2019$ $

Cash flows from operating activitiesInterest received 50,535 120,130Insurance proceeds 15,796,588 17,814,001Other general administration expenses (9,346,924) (9,759,437)Other income (8,031) (5,328)Insurance premiums (22,446,522) (30,810,323)Income tax paid (6,159,443) (25,407,016)Net cash (outflows) from operating activities 15 (22,113,797) (48,047,973)

Cash flows from investing activitiesPurchase of investments (83,300,824) (93,012,653)Proceeds from sale of investment 201,598,761 63,904,363Purchase of fixed assets (16,483) - Net cash inflows / (outflows) from investing activities 118,281,454 (29,108,290)

Cash flows from financing activitiesEmployer contributions 175,909,123 163,021,019Member contributions 11,707,514 12,044,363Transfers from other superannuation plans received 69,870,162 67,923,928Government co-contributions received 168,094 178,620Benefits paid to members/beneficiaries (303,369,822) (145,945,630)Income tax paid on contributions received (22,908,142) (19,423,113)Net cash (outflows) / inflows from financing activities (68,623,071) 77,799,187

Net increase in cash 27,544,586 642,924Cash at the beginning of the financial period 12,034,784 11,391,860Cash at the end of the financial period 15 39,579,370 12,034,784

5The above statement of cash flows should be read in conjunction with the accompanying notes.

Statement of Cash FlowsFor the year ended 30 June 2020

1. Operation of the Trust

2. Summary of significant accounting policies(a) Basis of preparation

(b) New and amended standards adopted by the Trust

AASB 16 Leases (applicable from 1 July 2019)

(c) Accounting Standards and Interpretations issued but not yet effective

Accounting standardApplication date for

the Trust

AASB 2019-5 Amendments to Australian Accounting Standards – Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia

1 January 2020 1 July 2020

In accordance with amendments to the Superannuation Industry (Supervision) Act 1993 the Trust was registered with the AustralianPrudential Regulation Authority on 8 February 2006 (registration no L0000895).

The Trustee of AMIST is the holder of a public offer class Registrable Superannuation Entity Licence (licence no. R1001778).

The financial statements are a general purpose financial report which has been prepared in accordance with Australian AccountingStandards, and other authoritative pronouncements of the Australian Accounting Standards Board, the Superannuation Industry'(Supervision) Act 1993 and regulations and the provisions of the Trust Deed.

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

The financial statements were approved by the Board of Directors of the Trustee, Australian Meat Industry Superannuation Pty Limited on25 September 2020.

The Trust has adopted all new and revised standards and interpretations issued by the Australian Accounting Standards 'Board that arerelevant to its operations and are effective for the current reporting period beginning on or after 1 July 2019. 'The adoption of thesestandrards and interpretations has not had any significant financial impact on the financial statements.

AUSTRALIAN MEAT INDUSTRY SUPERANNUATION TRUSTNotes to the Financial StatementsFor the year ended 30 June 2020

The Australian Meat Industry Superannuation Trust ("AMIST") was established to provide benefits to members of the Trust ("AMIST"). TheTrustee for AMIST is the Australian Meat Industry Superannuation Trust Pty Limited (ABN 25 002 981 919).

The Trust is a defined contribution fund whereby contributions of the employer and the employees are made in accordance with the termsof the Trust Deed. The members' accounts are credited or debited each year with their proportionate share of the net investment income,expenses and income tax expense of the Trust.

AMIST is a public offer fund and accepts contributions from a range of employers and members. AMIST was incorporated and isdomiciled in Australia and the address of the Trust's registered office is 33 York Street, Sydney, NSW, 2000.

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have notbeen adopted by the Trust for the annual reporting period ended 30 June 2020. The impact of these standards and interpretations hasbeen assessed and to the extent applicable to the Trust are outlined in the table below. Standards and interpretations that are notexpected to have a material impact on the Trust have not been included.

Nature Application date

This Standard amends AASB 1054 Australian Additional Disclosures to require disclosure of the possible impact of initial applicatiion of forthcoming IFRS Standards not yet adopted by the AASB, as specified in paragraphs 30 and 31 of AASB 108. Entities complying with Australian Accounting Standards can assert compliance with IFRS Standards by making this additional disclosure. The impact of the adoption of AASB 2019-5 is not material to the Trust.

AASB 16 Leases, issued in February 2016, includes significant changes for lease accounting, particularly for lessees. For leases, almostall leases will now go on the balance sheet as the distinction between operating and financing leases has been removed. Under the newstandard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. The only exemptions from thisare short-term and low-value leases. The accounting for lessors will not significantly change.

The Trust has performed a detailed assessment on the impact of AASB 16 at transition, which included:• Reviewing all agreements to identify those which contain a lease or an embedded lease;• Identifying those which have an option to extend and assessing the likelihood of the extension being exercised; and• Calculated the Lease Liability and corresponding Right of Use Assets.

The Trust has determined that the adoption of AASB 16 is immaterial to the financial statements. A lease liability and right of use assethave therefrore not been recognised, nor have the disclosure requirements within AASB 16. The Trust will continue to assess the impact ofAASB 16 in subsequent years.

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2. Summary of significant accounting policies (continued)

(c) Accounting Standards and Interpretations issued but not yet effective (continued)

Accounting standardApplication date for

the Trust

AASB 2018-7 Amendments to AASs – Definition of Material 1 January 2020 1 July 2020

AASB 2020-1 Amendments to AASs – Classification of Liabilities as Current or Non-current 1 January 2022 1 July 2022

Other Significant Accounting Policies

(d) Consolidation

(e) Financial assets and liabilities(i) Classification

For the year ended 30 June 2020

Nature Application dateThis Standard amends AASB 101 Presentation of Financial Statements and AAS 108 Accounting Policies, Changes in Accounting Estimates and Errors to align the definition of 'material' across the standards and to clarify certan aspects of the definition. The amendments clarify that materiality will depend on the nature or magnitude of information. An entity will need to assess whether the information, either individually or in combination with other information, is material in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. The impact of the adoption of AASB 2018-7 is not material to the Trust.

A liability is classified as current if the entity has no right at the end of the reporting period to defer settlement for at least 12 months after the reporting period. The AASB recently issued amendments to AASB 101 to clarify the requirements for classifying liabilities as current or non-current. Specifically: • The amendments specify that the conditions which exist at the end of the reporting period are those which will be used to determine if a right to defer settlement of a liability exists; • Management intention or expectation does not affect classification of liabilities; and• In cases where an instrument with a conversion option is classified as a liability, the transfer of equity instruments would constitute settlement of the liability for the purpose of classifying it as current or non-current. The impact of the adoption of AASB 2020-1 is not material to the Trust.

The Trust is an investment entity and, as such, does not consolidate the entities it controls. Instead, interests in subsidiaries are classifiedas fair value through profit or loss and measured at fair value. For further details refer to Note 2(q).

AUSTRALIAN MEAT INDUSTRY SUPERANNUATION TRUSTNotes to the Financial Statements

The Trust classifies its financial assets and financial liabilities into the categories discussed below in accordance with AASB 9. In applyingthat classification, a financial asset or financial liability is considered to be held for trading if: - It is acquired or incurred principally for thepurpose of selling or repurchasing it in the near term; or - On initial recognition, it is part of a portfolio of identified financial instruments thatare managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or - It is a derivative (except fora derivative that is a financial guarantee contract or a designated and effective hedging instrument).

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(e) Financial assets and liabilities (continued)

(i) Classification (Continued)

Financial liabilities measured at FVPL

(ii) RecognitionThe Trust recognises a financial asset or financial liability when, and only when, it becomes a party to the contractual provisions of theinstrument.

Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation orconvention in the marketplace are recognised on the trade date, ie., the date that the Trust commits to purchase or sell the asset.

(iii) DerecognitionA financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:

- Its contractual terms do not give rise to cash flows on specified dates that are solely payments of principal and interest (SPPI) on theprincipal amount outstanding; or- It is not held within a business model whose objective is either to collect contractual cash flows, or to both collect contractual cash flowsand sell; or- At initial recognition, it is irrevocably designated as measured at FVPL when doing so eliminates or significantly reduces a measurementor recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them ondifferent bases. The Trust includes in this category:- Financial instruments held for trading: this includes all instruments which are acquired principally for the purpose of generating a profitfrom short-term fluctuations in price. This category also includes derivative contracts in an asset position.- Receivables: this includes short-term receivables.

A financial liability is measured at FVPL if it meets the definition of held for trading. The Trust includes in this category derivative 'contractsin a liability position and all payables.


Financial assets measured at FVPLA financial asset is measured at FVPL if:

Financial assets and financial liabilities at fair value through profit or loss are recorded in the statement of financial position at fair value. Alltransaction costs for such instruments are recognised directly in income statement.

Receivables and financial liabilities (other than those classified at fair value through profit or loss) are measured initially at their fair valueplus any directly attributable incremental costs of acquisition or issue.

For financial assets and liabilities where the fair value at initial recognition does not equal the transaction price, the Trust recognises thedifference in the income statement, unless specified otherwise.

(v) Subsequent measurementAfter initial measurement, the Trust measures financial assets and financial liabilities at fair value through profit or loss. Subsequentchanges in the fair value of those investments are recorded as 'changes in assets measured at fair value' through the income statement.Interest earned is recorded in 'Interest revenue' according to the terms of the contract.

i. The rights to receive cash flows from the asset have expired; orii. The Trust has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows infull without material delay to a third party under a 'pass-through' arrangement; andiii. Either (a) the Trust has transferred substantially all the risks and rewards of the asset, or (b) the Trust has neither transferred norretained substantially all the risks and rewards of the asset, but has transferred control of the asset.

The Trust derecognises a financial liability when the obligation under the liability is discharged, cancelled or expires.

(iv) Initial measurement

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(f) Fair value measurement

(g) Investment properties direct

(h) Cash and cash equivalents

(i) Receivables and payables

(j) Property, plant and equipment

Property, plant and equipment are depreciated using the straight line method.

(k) Revenue recognition

Changes in fair value


Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between marketparticipants at the measurement date.

Investments in direct property are measured initially at cost, including transaction costs.

Subsequent to initial recognition, direct property holdings are stated at fair value, which reflects market conditions, at the reporting date.Fair value is determined based on annual evaluation performed by an accredited external independent valuer, applying a valuation modelrecommended by the International Valuation Standards Committee. Gains or losses arising from changes in the fair value of investmentproperties are recognised in the income statement in the period which they arise.

Direct property holdings are derecognised when they have been disposed of or when they are permanently withdrawn from use and nofurther economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of theasset is recognised in the income statement in the period of derecognition.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset orliability, assuming that market participants act in their economic best interest.

The Trust uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fairvalue, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair valuehierarchy. Refer to Note 4.

The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible to by the Trust.

Changes in the fair value of investments and derivatives are calculated as the difference between the fair value at sale, or at balance date,and the fair value at the previous valuation point. All changes are recognised in the income statement.

Cash comprises cash on hand and on-demand deposits. Cash equivalents are short term, highly liquid investments that are readilyconvertible to known amounts of cash and that are subject to insignificant risk of changes in value.

Receivables are carried at nominal amounts due which approximate fair value. Receivables are normally settled within 30 days.

Payables are carried at nominal amounts which are approximate fair value. They represent liabilities for goods and services provided tothe Trust prior to the end of the financial year that are unpaid when the Trust becomes obliged to make future payments in respect of thepurchase of these goods or services. Payables are normally settled on 30 day terms.

Property, plant and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses, whichapproximate fair value.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Trust and the revenue can be reliablymeasured, regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable,taking into account contractually defined terms of payment and excluding taxes or duty. The specific recognition criteria described belowmust also be met before revenue is recognised:

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(k) Revenue recognition (continued)

Interest

Dividends and distributions

(l) Income tax

(m) Goods and services tax (GST)

The Trust is a complying superannuation fund for the purposes of the provisions of the Income Tax Assessment Act 1997. Accordingly, theconcessional tax rate of 15% has been applied to the Trust's taxable income.

Income tax in the income statement for the year comprises current and deferred tax.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The taxrates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance date.


Interest revenue on cash and other financial assets carried at fair value is recorded according to the terms of the contract and isrecognised in the income statement.

Dividend and distribution revenue is recognised when the Trust's right to receive payment is established. Revenue is presented gross ofany non-recoverable withholding taxes, which are disclosed separately as tax expense in the income statement.

Unrecognised deferred tax assets are reassessed at each balance date and are recognised to the extent that it has become probable thatfuture taxable profit will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or theliability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance date.

Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against currenttax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.

Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses.Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductibletemporary differences, and carry forward of unused tax credits and unused tax losses can be utilised, except:- Where the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset 'or liability in a

transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor the taxable profitor loss.- In respect of deductible temporary differences associated with investments in subsidiaries, associates or interests in joint 'ventures, in

which case a deferred tax asset is only recognised to the extent that it is probable that the temporary difference will reverse in theforeseeable future and taxable profit will be available against which the temporary difference can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance date and reduced to the extent that it is no longer probable thatsufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

Deferred tax is provided on all temporary differences at the balance date between the tax bases of assets and liabilities and their carryingamounts for financial reporting purposes.

Deferred tax liabilities are recognised for all taxable temporary differences except:- Where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination

and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.- When the taxable temporary difference is associated with investments in subsidiaries, associates or interests in joint ventures, and the

timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in theforeseeable future.

Revenues, expenses and assets are recognised net of the amount of GST, except:- When the GST incurred on a sale or purchase of assets or services is not payable to or recoverable from the taxation authority, in which

case the GST is recognised as part of the revenue or the expense item or as part of the cost of acquisition of the asset, as applicable; or - When receivables and payables are stated with the amount of GST included.The net amounts of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in thestatement of financial position. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to,the taxation authority.

Cash flows are included in the statement of cash flows on a gross basis. The GST component of cash flows arising from investingactivities, which is recoverable from, or payable to the taxation authority are classified as operating cash flows.

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(n) Foreign currency

(o) Member liabilities

(p) Reserves

(q) Significant accounting judgements and estimates and assumptions

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at thedate of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates atthe date when the fair value was determined.

Member liabilities are measured at the amount of accrued benefits. Defined contribution member liabilities are measured as the amount ofmember account balances as at the reporting date.

The Trustee maintains an operational risk reserve, administration reserve, insurance reserve and investment and tax reserve to providethe Trustee with access to funds to protect members’ interests and mitigate the impact of an adverse event.

The reserves are operated in accordance with the Trust’s Reserve Policy and are held at a Trust level. Refer to Note 11.

The preparation of the Trust's financial statements requires management to make judgements, estimates and assumptions that affect theamounts recognised in the financial statements. However, uncertainty about these assumptions and estimates could result in outcomesthat require a material adjustment to the carrying amount of the asset or liability affected in the future.

Notes to the Financial StatementsFor the year ended 30 June 2020

The functional and presentation currency of the Trust is Australian Dollars, which is the currency of the primary economic environment inwhich it operates. The Trust’s performance is evaluated and its liquidity managed in Australian Dollars. Therefore, the Australian Dollar isconsidered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

Transactions in foreign currencies are initially recorded at the functional currency spot rate at the date of the transaction. Monetary assetsand liabilities denominated in foreign currencies are retranslated at the functional currency spot rates of exchange at the reporting date.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at whichthey were translated on initial recognition during the period or in a previous financial report, are recognised in the income statement in theperiod in which they arise.


The Trust’s product disclosure statement details its objective of providing services to members which includes investing in equities, fixedincome securities and unit trusts for the purpose of returns in the form of investment income and capital appreciation.

The Trust reports to its members via an annual report, and to its management, via internal management reports, on a fair value basis. Allinvestments are reported at fair value to the extent required by AASB 1056 in the Trust’s annual report. The Trust has a clearlydocumented exit strategy for all of its investments.

The Trustee has also concluded that the Trust meets the additional characteristics of an investment entity, in that it has more than oneinvestment; the investments are predominantly in the form of equities and similar securities; it has more than one investor and its investorsare not related parties.

The Trustee has therefore concluded that the Trust meets the definition of an investment entity. These conclusions will be reassessed onan annual basis, if any of these criteria or characteristics changes.

Changes in assumptions about these factors could affect the reported fair value of these investments.

Assessment as investment entityEntities that meet the definition of an investment entity within AASB 10 are required to measure their subsidiaries at fair value throughprofit or loss rather than consolidate them. The criteria which define an investment entity are, as follows: - An entity that obtains funds from one or more investors for the purpose of providing those investors with investment services;- An entity that commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment

income or both; and - An entity that measures and evaluates the performance of substantially all of its investments on a fair value basis.

The significant accounting policies have been consistently applied in the current financial year and the comparative period, unlessotherwise stated. Where necessary, comparative information has been re-presented to be consistent with current period disclosures.

Fair Value of InvestmentsWhen the fair values of the investments recorded in the statement of financial position cannot be measured based on quoted prices inactive markets, their fair value is measured using valuation techniques. The inputs in these models are taken from observable marketswhere possible, but where this is not feasible, a degree of judgement is required to establish fair values. Judgements includeconsiderations of inputs such as liquidity risk, credit risk and volatility.

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(r) COVID-19 impact on financial statements

Volatility in global and domestic Investment markets

Fair value of financial instruments

Risk management

The Trustee considers liquidity to be impacted through a range of possible factors, including: - Decreased contributions from members and employers; - Increasing benefit payments through the Early Release Scheme; - Managing foreign currency hedging programs (including necessary liquidity to respond to any margin call requirements); and - Members shifting into cash or defensive investment options.

- continual management of the cash flow position; - active management of each investment option in line with its long-term investment strategy; - we manage the Trust’s cash flow on a daily basis; - preparing for events that may affect liquidity; and - frequent stress-testing the portfolios for a range of scenarios.

Early release of superannuation benefits


The Trustee considered the following matters relating to the potential impact of the COVID-19 pandemic in the preparation of thesefinancial statement and related disclosures:- evaluation of any areas of judgment or estimation uncertainty;- assessment and disclosure of the fair value of the Trust’s assets and liabilities;- adoption of significant assumptions and market inputs used in valuing the Trust’s financial instruments;- assessment and disclosures in relation to financial risk management, including stress testing scenarios which are an integral componentof the Trustee’s risk management framework to assess the potential impacts on the portfolio valuations and liquidity; and- review of external market communications, public forecasts and experience from previous economic.

Management of liquidity risk is a key element of the Trust’s investment processes. The approach to managing liquidity is outlined in Note18 which is approved by the Trustee and implemented by management.Measures implemented to monitor the effects of the pandemic on the Trust, include:

On 22 March 2020 the Australian Government announced the COVID-19 Early Release of Superannuation Scheme (ERS) as a temporarymeasure to stimulate the Australian economy. The ERS allowed eligible members to access up to $10,000 of their superannuation prior to30 June 2020. Members withdrew $126,700,895 in benefits under the ERS prior to 30 June 2020 which has been reflected in the benefitspaid in the financial statements. Members are entitled to withdraw a second benefit payment of up to $10,000 in the 2021 financial year,and the Trust has paid an additional $88,143,048 in ERS benefits since 1 July 2020 up to 31 August 2020.

Key impacts of COVID 19 on the financial statements are summarised below.

The sensitivity analysis of various financial risks, including the sensitivity in market risk for various asset classes is disclosed in Note 18.The sensitivity in the underlying markets has been derived through a blend of historical analysis and the views of management, the Trust’sinvestment consultant and the Trustee. However, due to the nature of the pandemic there is a high degree of uncertainty regarding itsultimate impact on financial markets and it is therefore not possible to reliably determine the future impact, if any, COVID-19 may have onthe Trust.

The Trust reviewed the inputs to its valuation of financial instruments disclosed in Note 4 as well as performing out of cycle valuations toinclude a consideration of the impact of COVID 19. The impact of changes in valuation inputs has also been considered in terms of theclassification of financial instruments in the fair value hierarchy, transfers within the fair value hierarchy and the Level 3 sensitivity analysis.The Trust’s financial instruments include a portfolio of unlisted equity investments which, in accordance with the accounting policiesdisclosed, are measured at fair value as at reporting date.

The risk management framework continues to be applied across the Trust’s operations and management and the Trustee continues tomonitor the impact of COVID 19 on the Trust’s risk profile. Non financial risks emerging from global movement restrictions, and remoteworking by staff, counterparties and service providers, have been identified, assessed, managed and governed through timely applicationof the Trustee’s risk management framework.

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3. Member liabilities

4. Fair value of financial instruments

(a) Classification of financial instruments under the fair value hierarchy

observable

Level 1 Level 2 Level 3 Total$ $ $ $

Australian cash 166,808,874 - - 166,808,874

Global credit - 44,035,776 128,610,836 172,646,612

Australian bonds - 64,978,218 107,056,707 172,034,925

International bonds - 65,822,563 - 65,822,563

Australian equities 206,135,800 266,407,020 - 472,542,820

International equities 391,637,680 244,855,631 - 636,493,311

Global infrastructure - 29,424,773 130,465,191 159,889,964

Australian property - 4,257 349,043,169 349,047,426

Derivative assetsForward foreign exchange contracts - 1,509,927,895 - 1,509,927,895

- 1,509,927,895 - 1,509,927,895

Derivative liabilitiesForward foreign exchange contracts - (1,515,988,762) - (1,515,988,762)Futures - (27,550) - (27,550)

- (1,516,016,312) - (1,516,016,312)


- Level 2 : Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly 'or indirectly

- Level 3 : Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

The level in which instruments are classified in the hierarchy is based on the lowest level input that is significant to the fair valuemeasurement in its entirety. Assessment of the significance of an input requires judgement after considering factors specific to theinstrument.

30 June 2020

Refer to Note 18 for the Trust’s management of the investment risks.

Member liabilities vest 100% to members.

AASB 13 requires disclosures relating to fair value measurements using a three-level fair value hierarchy. The level within which the fairvalue measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair valuemeasurement. Assessing the significance of a particular input requires judgement, considering factors specific to the asset or liability. Thefollowing table shows financial instruments recognised at fair value, categorised between those whose fair value is based on: - Level 1 : Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Member account balances are determined by crediting rates based on the underlying investment movements.

Members bear the investment risk relating to the underlying assets and crediting rates used to measure the member liabilities.Crediting rates are updated weekly.

At 30 June 2020 $644,911 (2019: $231,240) have not been allocated to members’ as at the reporting date. The amount not yet allocatedto members’ accounts consists of contributions received by the Trust that have not been able to be allocated to members’ as at balance

13

4. Fair value of financial instruments (continued)

(a) Classification of financial instruments under the fair value hierarchy (continued)

Level 1 Level 2 Level 3 Total$ $ $ $

Australian cash 159,567,036 - - 159,567,036

Global credit - 79,225,760 106,631,222 185,856,982

Australian bonds - 101,465,557 103,838,098 205,303,655

International bonds - 65,477,761 65,477,761

Australian equities 472,523,501 117,108,343 589,631,845

International equities 544,921,469 94,724,118 639,645,587

Global infrastructure - 60,833,137 89,455,731 150,288,868

Australian property - 34,077,445 307,868,051 341,945,496

Derivative assetsForward foreign exchange contracts 16,783 502,386,295 - 502,403,078

16,783 502,386,295 - 502,403,078

Derivative liabilitiesForward foreign exchange contracts - (504,177,194) - (504,177,194)

- (504,177,194) - (504,177,194)

Valuation technique

Listed equities

Unlisted unit trusts

Unlisted interest bearing securities

Derivative assets and liabilities


The Trust uses widely recognised valuation models for determining fair values of financial futures, forward exchange contracts, swaps andforward rate agreements. The valuation technique used for these derivatives is a discounted cash flow method based on forward exchangerates at 30 June and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. For these financialinstruments, significant inputs into models are market observable and are included within Level 2.


30 June 2019

When fair values of publicly traded equity securities are based on quoted market prices, or binding dealer price quotations, in an activemarket for identical assets without any adjustments, the instruments are included within Level 1 of the hierarchy. The Trust values theseinvestments at bid price for long positions and ask price for short positions.

AMIST invests in trusts which are not quoted in an active market and which may be subject to restrictions on redemptions such as lock upperiods, redemption gates and side pockets. The Trustee considers the valuation techniques and inputs used in valuing these investmentsas part of its due diligence prior to investing, to ensure they are reasonable and appropriate and therefore the NAV of these unit trusts maybe used as an input into measuring their fair value. In measuring this fair value, the NAV of the unit trust is adjusted, as necessary, toreflect restrictions on redemptions, future commitments, and other specific factors of the particular investment. In measuring fair value,consideration is also given to recent purchases and sales of units in each unit trust. Depending on the nature and level of adjustmentsneeded to the NAV and the level of trading in the unit trust, the Trustee classifies these funds as either Level 2 or Level 3.

When valuing unlisted interest bearing securities discounted cash flow techniques are used. Estimated future cash flows are based on theTrustee’s best estimates and the discount rate used is a market rate at the balance sheet date applicable for an instrument with similarterms, condition and risk. They are classified as Levels 2 and 3.

14


(a) Classification of financial instruments under the fair value hierarchy (continued)

COVID-19 valuation uncertainty

(b) Transfers between hierarchy levels

(c) Valuation process for Level 3 valuations

For property and infrastructure assets held within trusts controlled by the Fund, it is expected significant valuation uncertainty clauses havebeen or will be incorporated into external valuation reports adopted which support the unit-price of these trusts as at 30 June 2020. This isconsistent with global industry practice. This uncertainty does not mean the valuations adopted cannot be relied upon; however theclauses indicate the higher degree of valuer judgment in determining significant valuation assumptions.

As a result, the Fund has exercised a higher degree of judgment in measuring the fair value of its unlisted investments as at 30 June 2020.

Following a reassessment of the valuation inputs, $27,771,435 of investments have been reclassified from Level 2 to Level 3 of the fairvalue hierarchy during the financial year.

Valuations are the responsibility of the board of directors of the Trustee. The valuation of unlisted unit trusts are performed on a monthlybasis by the valuation department of the investment manager and reviewed by the Trust’s asset consultant. The valuations are alsosubject to quality assurance procedures performed within the Trust’s asset consultant either on a monthly or six monthly basis dependingon timing on investment valuations. If fair value changes (positive or negative) are more than certain thresholds set, the changes areadvised by the asset consultant for further considered by Trust. There were no other changes in valuation techniques during the year.

Quantitative information of significant unobservable inputs – Level 3:

DescriptionLevel 3

$* Valuation techniqueSignificant

unobservable inputsRange (weighted

average)


Whilst all valuations contain some element of uncertainty, the impact of COVID-19 on the markets in which the Trust is exposed to-unlisted equity, property and infrastructure investments - is not fully known due to limited transactional evidence since the outbreak of thepandemic.

As at 30 June 2020, the Trust has measured the fair value of its unlisted investments following a due diligence process to ensure the unit-price reported by fund managers were a reasonable and appropriate reflection of the anticipated impact of COVID-19 on the investees’underlying assets, given updates to NAVs were applied by fund managers outside their most recent audit period.

Global infrastructure 2020: $130,465,191

2019: $89,455,731

Net asset value based on value of underlying property or investments

Average EBITDA 6x - 11x(WA: 8.5x)

Australian property 2020: $349,043,169

2019: $307,868,051

Net asset value based on value of underlying property or investments.

Discount rate 6.2% - 8.5%(WA: 7.1%)

Global credit 2020: $128,610,836

2019: $106,631,222

Discounted cash flow valuation

Discount rate 6% - 17%(WA: 9%)

Australian bonds 2020: $107,056,707

2019: $103,838,098

Discounted cash flow valuation

Discount rate 4% - 10%(WA: 6.3%)

*The fair value of the asset would increase/decrease if the discount rate increases/decreases. The fair value would increase/decrease ifother inputs increase/decrease.

15


(c) Valuation process for Level 3 valuations (continued)

Sensitivity analysis to significant changes in unobversable inputs within Level 3 hierarchy:

Level 3 Reconciliation

2020 2019$ $

Opening balance 607,793,102 466,713,219 Net purchases/sales 74,650,575 132,485,910 Changes in assets measured at fair value 4,960,791 8,593,973 Transfers in/out 27,771,435 - Closing balance 715,175,903 607,793,102

Global infrastructure Average EBITDA 1x 15,902,678 / (15,902,678)

Australian property Discount rate on net asset value

+ / - 0.5% (24,729,404) / 24,729,404

Global credit Discount rate on cashflow

+ / - 0.5% (643,054) / 643,054

Australian bonds Discount rate on cashflow

+ / - 0.5% (535,284) / 535,284


Description Input Sensitivity used** Effect on fair value $

** The sensitivity refers to a percentage amount added or deducted from the input and the effect this has on the fair value.

The following table shows a reconciliation of the movement in the fair value of financial instruments categorised within Level 3 between thebeginning and the end of the reporting period.

16

5. Investment properties direct holding 2020 2019$ $

Direct property holdings 4,400,002 4,400,002

4,400,002 4,400,002

6. Receivables 2020 2019$ $

GST receivable 61,082 58,608Sundry receivables 13,518 13,544

74,600 72,152

7. Furniture, fittings and equipment 2020 2019$ $

Cost 550,498 571,682Accumulated depreciation and impairment (212,556) (193,421)

Net written down value 337,942 378,261

8. Payables2020 2019

$ $Insurance premiums payable 1,061,809 2,005,479Audit fees payable 63,537 51,186 Operating expenses payable 136,259 88,949Administration expenses payable 290,128 267,048Provision for employee benefits 247,414 202,939Sundry creditors 28,086 46,314Payable to related entity 15,919 33,809

1,843,152 2,695,724

The fair value of the property is based on a valuation performed by Australia Pacific PCS Pty Ltd, an accredited independent valuer.

Due to the short term nature of these receivables, their carrying value is assumed to approximate their fair value.

The maximum exposure to credit risk is the fair value of receivables. Information regarding credit risk exposure is set out in Note 18.

Due to the short term nature of these payables, their carrying value is assumed to approximate their fair value.

Information regarding interest rate, foreign exchange and liquidity risk exposure is set out in Note 18.


The Trust owns strata-titled office premises in York Street, Sydney that are occupied by the Trustee office.

17

9. Changes in fair value of investments2020 2019

$ $Investments held at balance dateCash and short term deposit (916) 156Interest bearing securities (22,131,742) 8,266,235Australian equities (17,683,004) 36,533,731International equities 7,872,976 41,546,442Unlisted unit trusts 283,176 7,677,549Investment properties 452,735 7,634,933Derivatives (3,385,340) (1,453,606)Total unrealised gains (34,592,115) 100,205,440

Investments realised during the yearCash and short term deposit (2,600) (669)Interest bearing securities (827,793) (2,567,361)Australian equities (46,950,565) (25,326,764)International equities (9,347,059) 6,321,407Unlisted unit trusts (1,881,793) (811,211)Investment properties - 583,510 Derivatives (15,558,932) (15,427,190)Total realised (losses) (74,568,742) (37,228,278)

Change in fair value of investments (109,160,857) 62,977,162

10. Funding arrangements

11. Reserves2020 2019

$ $Other reserves Investment and Tax Reserve 3,386,424 - Administration Reserve 5,000,000 4,781,100 Insurance Reserve 400,000 400,000

8,786,424 5,181,100

Operational Risk Reserve 5,995,000 7,203,598

14,781,424 12,384,698


The amounts recorded as ‘realised gains/(losses)’ above is the difference between the fair value at sale and the carrying amount at thebeginning of the reporting period or when acquired, if acquired during the year.

During the year ended 30 June 2020, the employers contributed to the Trust on behalf of members as part of the Trust Deed, Award andSuperannuation Guarantee Charge of 9.50%, (2019: 9.50%). Member and additional employer contributions are paid to the Trust at a ratedetermined by the member and/or employer.

The purpose of the Operational Risk Reserve is to provide protection to the Trust in the event that a loss is incurred from an operationalrisk event occurring. The use of the Operational Risk Reserve is governed by the requirements of SPS 114, which is applicable to allAPRA-regulated funds. The current Operational Risk Reserve represents approximately 0.27% (2019: 0.31%) of the net assets availablefor member benefits. The Trustee intends to maintain this reserve between 0.225% and 0.275% of net assets available for memberbenefits.

The purpose of the Administration reserve is to cover expenses and any small mismatch of assets and liabilities due to timing ofinvestments and liquidation of investments not met by fee deductions from members.


The purpose of the Insurance reserve is to cover any timing of insurance proceeds relating to members insurance claims.

The Investment and Tax Reserve is maintained for the purpose of accumulating the investment earnings of the Trust's assets prior toallocation to member accounts as well as reflecting tax obligation that arise from operating and investing activies.

Transfers in and out of the reserves are made only at the authorisation of the Trustee and in accordance with the Trust’s Reserve Policy.

18

12. Income tax2020 2019

$ $(a) Major components of income tax (benefit) / expenses for the years ended 30 June 2020 and 2019:

Income statementCurrent tax expense Current tax charge 7,182,305 23,969,093 Adjustments in respect of current income tax of previous years (904,314) 1,055,644Deferred tax Relating to origination and reversal of temporary differences (17,782,523) (15,774,321)

Total tax (benefit) / expense as reported in the income statement (11,504,532) 9,250,416

(b) Reconciliation between income tax (benefit) / expenses and the accounting profit before income tax

(Loss) / profit from operating activities (9,107,806) 9,131,891Income tax at 15% (1,366,171) 1,369,784

Derecognition of temporary differences 887,884 999,624Net benefit allocated to member accounts (3,910,721) 20,329,341Anti-detriment deduction - (95,110) Capital losses not deductible 1,714,702 (1,793,208)Exempt pension income 151,923 (917,851)Net imputation and foreign tax credits (8,077,835) (11,697,808)(Over) / under provision in the previous year (904,314) 1,055,644

(11,504,532) 9,250,416

(c) Deferred Tax30 June 2020

Opening (Charged) / Credited Closing Balance to income Balance

$ $ $

Deferred tax assetsFund expenses accrued but not incurred 352,284 (82,411) 269,873 Unrealised FFX losses on investments - 909,380 909,380

352,284 826,969 1,179,253

Deferred tax liabilitiesIncome receivable (299,620) 138,935 (160,685)Unrealised (gains)/ losses on investments (27,702,367) 17,082,937 (10,619,430)Unrealised FFX losses on investments 266,318 (266,318) -

(27,735,669) 16,955,554 (10,780,115)

Net deferred tax (liability) / asset (27,383,385) 17,782,523 (9,600,862)


19

12. Income tax (continued)

(c) Deferred Tax (continued)

30 June 2019Opening (Charged) / Credited Closing Balance to income Balance

$ $ $

Deferred tax assetsFund expenses accrued but not incurred 487,239 (134,955) 352,284

487,239 (134,955) 352,284

Deferred tax liabilitiesIncome receivable (343,457) 43,837 (299,620)Unrealised losses / (gains) on investments (43,893,919) 16,191,552 (27,702,367)Unrealised FFX losses on investments 592,431 (326,113) 266,318

(43,644,945) 15,909,276 (27,735,669)

Net deferred tax (liability) / asset (43,157,706) 15,774,321 (27,383,385)

13. Operating expenses 2020 2019$ $

APRA & ASIC fees 221,965 179,349Audit and taxation services 193,092 164,747Profesional services 541,380 630,738Marketing 329,123 1,568,849Salaries and on costs 2,833,856 2,089,170Sundry expenses 395,132 333,016Trustee expenses 526,006 1,009,674

5,040,554 5,975,543

14. Auditors' remuneration 2020 2019$ $

Amount received or due and receivable by EY:Audit and review of financial reports and compliance 102,928 91,132 Taxation services 26,400 10,915

129,328 102,047

15. Cash flow statement reconciliation

2020 2019$ $

Cash and cash equivalents 39,579,370 12,034,784


The Trust offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current taxliabilities and the deferred tax assets.

Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the statement of financialposition as follows:

20

15. Cash flow statement reconciliation (continued) 2020 2019$ $

Reconciliation of net cash from operating activities to net profitafter income tax

Loss after income tax 2,396,726 (118,525)Adjustments for:Decrease/(Increase) in assets measured in fair value 109,160,857 (62,977,162)Other non cash items 56,802 80,215Interest and other income received on investments (3,837,967) (5,319,064)Distribution and dividend reinvested (86,583,636) (92,884,102)Investment expenses paid through investment portfolio 9,707,845 10,161,486Increase in insurance (8,423,952) (15,471,518)Decrease/ (increase) in receivables (2,448) 4,429Decrease in payables (852,572) (896,074)Decrease in income tax payable (17,663,976) (16,246,220)Anti-detriment - 89,620Allocation to members’ accounts (26,071,476) 135,528,942

Net cash outflows from operating activities (22,113,797) (48,047,973)

16. Segment information

17. Related party disclosures

(a) Trustee and Key Management Personnel

Independent DirectorGreg Camm, Chairman

Employer Representatives Member Representatives

Gary Hardwick Keith Haslem (resigned 25/02/2020)Noel Kelson Frank RaesideKerry Dunbar-Johnson Geoffrey Yarham

Grant Courtney (appointed 26/02/2020)

The other key management personnel other than the directors disclosed above are:

Murray Rutherford, Chief Executive Officer

The Trustee holds an RSE licence no L0000895.


The Trust operates solely in one reportable business segment, being the provision of superannuation benefits to members. The Trust alsooperates from one reportable geographic segment, being Australia, from where its activities are managed. Revenue is derived frominterest, dividends, gains on the sale of investments and unrealised changes in the value of investments.

Whilst the Trust operates from Australia only, the Trust has investment exposures in different countries and across different industries.

The Trustee of the Australian Meat Industry Superannuation Trust is Australian Meat Industry Superannuation Pty Limited (ABN 25 002981 919), which as an RSE licensee fulfils the role of Key Management Personnel of the Trust.

The names of the directors of the trustee company who held office during part or all of the year, or who have subsequently held office are:


21

17. Related party disclosures (continued)

(b) Compensation of key management personnel 2020 2019

$ $Short-term employee benefits (salaries, director fees) 680,430 582,940 Other long-term benefits 47,473 41,884

Total Compensation 727,903 624,824

(c) Related Party Transactions

Trustee

The following related party transactions occurred during the 2020 year.'(i) Director fees and oncosts to the value of $378,613 (2019: $346,306) were incurred by the Trustee.'(ii) Trustee Liability Insurance totalling $82,820 (2019: $91,098) was incurred by the Trustee. '(iii) Trustee Management fees to the value of $378,613 (2019: $346,306) were charged by the Trustee.

Trustee Directors

18. Financial risk management objectives and policies

- Credit risk- Liquidity risk

A payable to the Trustee to the value of $15,919 is carried at 30 June 2020 (2019: $33,809). Please refer to Note 8.

Certain directors are members of the Trust. Their membership terms and conditions are the same as those available to other members ofthe Trust.

The Trust's financial instruments principally comprise units in collective investment vehicles and directly held securities managed undermandates. The main purpose of these financial instruments is to generate a return on investment. The Trustee has determined thatinvesting via these types of instruments is appropriate for the Trust.

The Trustee has a policy that is applied when approved investment managers trade in derivatives. Investment managers (other than theasset overlay manager) are permitted to use derivatives for hedging purposes only but not as a core investment asset. Derivatives used byinvestment managers are monitored by the Trustee to reflect policy.

The Trust's investing activities expose it to the following risks from its use of financial instruments:- Market risk (which includes currency risk, interest rate risk, price risk)


Compensation of key management personnel represents remuneration of the executive officer of the Trust and fees paid to each director ofthe Trustee for services rendered for the Trust. Remuneration for key management personnel is paid by the Trustee and reimbursed by theTrust, with these expenses included within trustee expenses in Note 13.

There are no other transactions with key management personnel.

The Trustee charges the Trustee a trustee management fee to cover the cost of Directors fees and associated oncosts and trustee liabilityinsurance.

These risks are described more fully on the following pages. Set out below is a general description of how investment risk is managed by theTrustee.

21

18. Financial risk management objectives and policies (continued)

(a) Risk Management Structure

(b) Market risk

The allocation of the investments of the Trust to the various types of asset classes is determined by the Trust's Investment Committee inconsultation with its appointed investment consultant. Once allocated, they are invested in accordance with the Trust's published investmentstrategies for the various investment options available to members.

The Board's Investment Committee consists of selected Board Members with appropriate investment experience. The InvestmentCommittee is responsible for developing and monitoring the Trust's risk management policies related to investment activities. This includesoversight of the allocation of investments to fund managers, evaluating their performance and providing recommendations to the TrusteeBoard which has ultimate responsibility for the appointment of fund managers.

An external investment consultant is appointed to provide expert advice to the Trustee Board regarding the management of the Trust'sinvestment portfolio in accordance with the investment strategies for the Trust's various investment options. The Trustee Board, inconsultation with the appointed investment consultant, undertakes extensive due diligence to ensure the appointed fund managers have therequisite skills and expertise. Investments are monitored on a monthly basis through evaluation of prevailing market conditions andbenchmark analysis. The current investment consultant is Cambridge Associates.

The Trust holds no collateral as security or any other credit enhancements. There are no significant financial assets that are past due orimpaired.

The Investment Committee receives monthly management reports from the Trust's Investment Consultant and, in turn, reports monthly tothe Board of Directors of the Trustee on its activities. Divergence from target asset allocations and the composition of the portfolio ismonitored by the Trust's Investment Consultant and Chief Executive Officer on a weekly basis. Reports from the Trust's InvestmentConsultant include the following:


The Trustee acknowledges that an integral part of its good governance practice is a sound and prudent risk management framework. Therisk framework is documented in the Trust's Risk Management Framework and associated policies which are subject to regular review bothby management and the Board and an annual audit of compliance.

The Board of Directors of the Trustee has overall responsibility for the establishment and oversight of the Trust's risk managementframework. The Trustee's Audit, Risk and Compliance Committee oversees how management monitors compliance with the Trust's riskmanagement policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by theTrust. The Trustee's risk management policies are established to identify and analyse the risks faced by the Trust (including the investmentrisks managed by the Trust's Investment Committee), to set appropriate risk limits and controls and to monitor risks and adherence to limits.Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Trust's activities.

Set out below is a more detailed description of the components of the investment risks faced by the Trust, how the Trustee manages theserisks and the sensitivities of the Trust's investments to these components of investment risk.

Market risk represents the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in marketprices, whether those changes are caused by factors specific to the individual instrument (or its issuer) or factors affecting all instruments inthe market. Market risk comprises three types of risk: currency risk, interest rate risk and price risk. The objective of market riskmanagement is to manage and control market risk exposure within acceptable parameters, while optimising the return on risk.

- details of the controls in place to monitor compliance with the Trust's various investment strategies;- current asset allocations against target positions;- investment performance against benchmarks; - fund manager compliance reporting; and- other reports including liquidity and illiquidity testing

22


(c) Currency risk

2020

Financial AssetsForeign currency forward contracts 1,509,927,895 (1,509,927,895) -

1,509,927,895 (1,509,927,895) -

Financial LiabilitiesForeign currency forward contracts (1,515,988,761) 1,509,927,895 (6,060,866) Future contracts (27,550) - (27,550)

(1,516,016,311) 1,509,927,895 (6,088,416)

(6,088,416) - (6,088,416)

2019

Financial AssetsForeign currency forward contracts 502,386,295 (502,386,295) - futures contracts 16,783 - 16,783

502,403,078 (502,386,295) 16,783

Financial LiabilitiesForeign currency forward contracts (504,177,194) 502,386,295 (1,790,899)

(504,177,194) 502,386,295 (1,790,899)

(1,774,116) - (1,774,116)


Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchangerates.

The Trust has exposure to currency risk through its investments in Australian domiciled registered funds that invest in international equities.The Trustee's strategy for managing currency risk in respect of these exposures includes the appointment of a specialist foreign currencymanager who manages a portfolio of currency exposures (ie "a currency overlay"), designed to partially hedge the changes in the marketvalues of those funds' investments arising from foreign currency movements. The Trust's currency overlay comprises forward foreignexchange contracts across a range of currencies.

At balance date the Trust had hedged $342,186,593 (2019: $361,050,007) of its exposure to international investments via foreign currencyforward contracts. Due to the manner in which the forward foreign currency contracts are rebalanced and settled on a rolling basis, the fairvalue of the derivate assets and liabilities disclosed above includes contracts that, although open at balance date, have an equal andopposite position, that has been fully settled post balance date.

Net in Statement of

Financial Position

Net in Statement of

Financial Position

Fair Value of Contracts Offset Amount

Fair Value of Contracts Offset Amount

23


(c) Currency risk (continued)

Foreign exchange summary

2020AUD equivalents

AUD US Euro Japanese British Other TotalAssets Dollars Yen Pound CurrenciesInterest bearing securities 152,916,918 - - - - 152,916,918 Listed equities 318,610,886 25,151,229 3,187,385 11,439,579 22,416,750 380,805,829 International equities - 68,293,704 - - - 68,293,704 Other #REF! 780,764 7,354,973 31,021 - 57,301 8,224,059 Total Assets #REF! 472,308,568 100,799,906 3,218,406 11,439,579 22,474,051 610,240,510

(242,394,570) (78,301,514) (9,305,267) (5,046,365) (7,138,877) (342,186,593) Foreign Currency Net Exposure #REF! 229,913,998 22,498,392 (6,086,861) 6,393,214 15,335,174 268,053,917

2019AUD equivalents

AUD US Euro Japanese British Other TotalAssets Dollars Yen Pound CurrenciesInterest bearing securities 104,539,818 - - - - 104,539,818 Listed equities 381,002,904 55,545,676 13,138,244 33,484,036 33,007,476 516,178,336 International equities 93,270,427 50,496,977 - - - 143,767,404 Other - 4,955,135 7,887,005 23,488 70,372 3,738 12,939,738 Total Assets - 583,768,284 113,929,658 13,161,732 33,554,408 33,011,214 777,425,296

(289,241,623) (30,663,238) (7,500,264) (19,373,762) (14,271,120) (361,050,007) Foreign Currency Net Exposure - 294,526,661 83,266,420 5,661,468 14,180,646 18,740,094 416,375,289

Sensitivity analysis - currency risk


The Trust's direct exposure to foreign currency exchange rates at 30 June was as follows:

Forward exchange contracts*

* These represent the net position. The Derivative Assets and Derivative Liabilities as disclosed in the Statement of Financial Position reflectall open positions at 30 June 2020.

Forward exchange contracts*


* These represent the net position. The Derivative Assets and Derivative Liabilities as disclosed in the Statement of Financial Position reflectall open positions at 30 June 2019.

Following analysis of historical data over the past 5 years and expected currency rate movements during the 2020 financial year, togetherwith consultation with the investment consultant, the Trust considers a 10% movement in the Australian Dollar (depending on the foreigncurrency) is considered reasonably possible for the 2020 reporting period. This analysis is performed on the same basis for the prior yearand is not guaranteed.

A strengthening/weakening of the AUD to the extent indicated against the currencies listed below at 30 June would haveincreased/(decreased) the profit before tax and the net assets available to pay benefits by the amounts shown below:

Note that the analysis does not take into account the impact of movements in exchange rates on the value of foreign currency assets held inAustralian denominated collective investment vehicles. The potential effects of such movements is included in the sensitivity analysis under"other price risk".

24


(c) Currency risk (continued)

Sensitivity Analysis - Currency Risk (continued)

Effects in AUD

30 June 2020 US Euro Japanese British OtherDollars Yen Pound Currencies

Rate Change (Increases) 10% 10% 10% 10% 10% TotalNet exposure 229,913,998 22,498,392 (6,086,861) 6,393,214 15,335,174 268,053,917 Profit before tax (20,899,182) (2,045,104) 553,296 (581,143) (1,393,967) (24,366,100) Net assets available to pay benefits (20,899,182) (2,045,104) 553,296 (581,143) (1,393,967) (24,366,100)

Rate Change (Decreases) 10% 10% 10% 10% 10% TotalNet exposure 229,913,998 22,498,392 (6,086,861) 6,393,214 15,335,174 268,053,917 Profit before tax 20,899,182 2,045,104 (553,296) 581,143 1,393,967 24,366,100 Net assets available to pay benefits 20,899,182 2,045,104 (553,296) 581,143 1,393,967 24,366,100

Effects in AUD

30 June 2019 US Euro Japanese British OtherDollars Yen Pound Currencies

Rate Change (Increases) 10% 10% 10% 10% 10% TotalNet exposure 294,526,661 83,266,420 5,661,468 14,180,646 18,740,094 416,375,289 Profit before income tax (26,772,472) (7,568,918) (514,627) (1,289,021) (1,703,475) (37,848,513) Net assets available to pay benefits (26,772,472) (7,568,918) (514,627) (1,289,021) (1,703,475) (37,848,513)

Rate Change (Decreases) 10% 10% 10% 10% 10% TotalNet exposure 294,526,661 83,266,420 5,661,468 14,180,646 18,740,094 416,375,289 Profit before income tax 26,772,472 7,568,918 514,627 1,289,021 1,703,475 37,848,513 Net assets available to pay benefits 26,772,472 7,568,918 514,627 1,289,021 1,703,475 37,848,513

(d) Interest rate risk


Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in the marketinterest rates.

The majority of the Trust's financial instruments are non-interest bearing with only cash and cash equivalents, short term deposits andinterest bearing securities being directly subject to interest rate risk. As a result, the Trust is subject to limited direct exposure to interest ratefluctuations in prevailing levels of market interest rates. The Trust is indirectly exposed to fluctuations in market interest rates through itsinvestments in collective investment vehicles, which invest in a variety of short and long term interest bearing securities.

The interest rate risk disclosures have not been prepared on a look through basis for investments held indirectly through collectiveinvestment vehicles. Consequently, the disclosure of interest rate risk in this note does not represent a comprehensive interest rate riskprofile of the Trust.

The Trust's interest rate risk is monitored on a monthly basis by the Chief Executive Officer in accordance with the policies and proceduresin place including monitoring of exposure to interest rates and assessment of actual interest rates against the relevant benchmarks. TheChief Executive Officer also has the authority to transfer excess cash to short-term deposits. All transfers require dual authorisation fromthe Chief Executive Officer and the General Manager of Operations and Compliance or as per delegations.


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(d) Interest rate risk (continued)

30 June 2020Assets Interest bearing Non-interest Interest

Cash and cash equivalents 39,579,370 39,579,370 Investments - Cash and short term deposits 166,808,874 166,808,874 Global credit 172,646,612 Australian bonds 172,034,925 International bonds 65,822,563 65,822,563

616,892,344 - 272,210,807

30 June 2019Assets Interest bearing Non-interest Interest

Cash and cash equivalents 12,034,784 - 12,034,784 Investments Cash and short term deposits 159,567,036 - 159,567,036 Global credit 185,856,982 - 185,856,982 Australian bonds 205,303,655 International bonds 65,477,761

628,240,218 - 357,458,801

Liabilities

Sensitivity analysis - interest rate risk

CarryingAmount

-100bps +100bps -100bps +100bps

30 June 2020Cash and cash equivalents 39,579,370 (395,794) 395,794 (395,794) 395,794 Cash and short term deposits 166,808,874 (1,668,089) 1,668,089 (1,668,089) 1,668,089 Global credit 172,646,612 (1,726,466) 1,726,466 (1,726,466) 1,726,466 Australian bonds 172,034,925 (1,720,349) 1,720,349 (1,720,349) 1,720,349 International bonds 65,822,563 (658,226) 658,226 (658,226) 658,226

616,892,344 (6,168,924) 6,168,924 (6,168,924) 6,168,924

30 June 2019Cash and cash equivalents 12,034,784 (120,348) 120,348 (120,348) 120,348 Cash and short term deposits 159,567,036 (1,595,670) 1,595,670 (1,595,670) 1,595,670 Global credit 185,856,982 (1,858,570) 1,858,570 (1,858,570) 1,858,570 Australian bonds 205,303,655 (2,053,037) 2,053,037 (2,053,037) 2,053,037 International bonds 65,477,761 (654,778) 654,778 (654,778) 654,778

628,240,218 (6,282,403) 6,282,403 (6,282,403) 6,282,403


Operating Profit Statement ofBefore Income Tax Financial Position


At the reporting date the profile of the Trust's interest-bearing and non-interest bearing financial instruments (ie Total Assets) was:

Following analysis of historical data over the past 5 years and expected interest rate movement during the 2020 financial year together withconsultation with the investment consultant, the Trust anticipates a 100 basis point movement in interest rates is reasonably possible for the2020 reporting period. This analysis assumes that all other variables, in particular foreign currency rates, remain constant and all exposuresare on floating or variable interest rates. The analysis is performed on the same basis for the prior year and is not guaranteed.

An increase/(decrease) of 100 basis points in interest rates at the reporting date would have increased/(decreased) the change in net assetsavailable to pay benefits and operating profit by the amounts below.

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(e) Market price risk

Sensitivity analysis - market price risk

Cash and short term deposits +/- 10%Listed and unlisted fixed income trusts +/- 10%Australian equities +/- 10%International equities +/- 10%Listed and unlisted property trusts +/- 10%Global infrastructure trusts +/- 10%

Assets % Carrying (Decrease) IncreaseAmount

30 June 2020 Cash and short term deposits 10 166,808,874 (16,680,887) 16,680,887 Global credit 10 172,646,612 (17,264,661) 17,264,661 Australian bonds 10 172,034,925 (17,203,493) 17,203,493 International bonds 10 65,822,563 (6,582,256) 6,582,256 Australian equities 10 472,542,820 (47,254,282) 47,254,282 International equities 10 636,493,311 (63,649,331) 63,649,331 Global infrastructure 10 159,889,964 (15,988,996) 15,988,996 Australian property 10 349,047,426 (34,904,743) 34,904,743

2,195,286,495 (219,528,649) 219,528,649 Assets

30 June 2019 Cash and short term deposits 10 159,567,036 (15,956,704) 15,956,704 Global credit 10 185,856,982 (18,585,698) 18,585,698 Australian bonds 10 205,303,655 (20,530,366) 20,530,366 International bonds 10 65,477,761 (6,547,776) 6,547,776 Australian equities 10 589,631,842 (58,963,184) 58,963,184 International equities 10 639,645,587 (63,964,559) 63,964,559 Global infrastructure 10 150,288,868 (15,028,887) 15,028,887 Australian property 10 341,945,496 (34,194,550) 34,194,550

2,337,717,227 (233,771,724) 233,771,724


Before Income Tax


Market price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices(other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individualfinancial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

As all of the Trust's financial instruments are carried at market value with changes recognised in the Income Statement, changes in marketconditions affecting net market value will be recognised in the Income Statement. As the investments of the Trust (other than cash held forliquidity purposes) comprise a combination of directly held securities and units in collective investment vehicles, the Trust's exposure toother market risk is therefore limited to the market price movement of these investments. The Trust's exposure at year end to other marketprice is detailed below.

In consultation with the investment consultant, the Trust considers the following movements in other market price risk are reasonablypossible for the 2020 reporting period:

The increase/ (decrease) in the market price against the investments of the Trust at 30 June would have increased/(decreased) the profitbefore tax by the amounts shown below. The analysis assumes that all other variables, in particular, interest rates and foreign exchangerates remain constant.

Operating Profit

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(f) Credit risk

(g) Liquidity risk


Credit Risk is the risk that a counterparty to a financial instrument will cause a loss to the other party by failing to discharge an obligation.The Trust has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis by the Trust's investment consultant.The credit policy provides guidelines as to the appropriate terms and conditions of transactions entered into and the escalation proceduresto follow when the recovery of assets is considered doubtful.

Credit risk arising from other collective investments is mitigated by extensive due diligence prior to the appointment of Investment and FundManagers, and benchmark analysis of the Investment and Fund Managers appointed.

Credit risk associated with contributions receivable and other receivables is considered low as there is usually a short settlement period asthe receivable relates to timing differences in respect of the receipt of contributions from the employer sponsors.

A substantial amount of the assets of the Trust are held through the Custodian, National Asset Servicing. The Trust monitors its risk bymonitoring the credit quality and financial positions of the Custodian through regular analysis of their financial reports.

The carrying amounts of financial assets best represent the maximum credit risk exposure at the reporting date. No collateral is held assecurity nor do other credit enhancements exist for financial assets held. No financial assets are considered past due as all payments areconsidered recoverable when contractually due. The Trust does not have any significant exposure to any individual counterparty or industry.

The operational bank account is held with Westpac Bank. The Trust monitors its credit risk by monitoring the credit quality and financialpositions of the bank through regular analysis of their financial reports.

For investment in listed Australian equities credit risk arising on these investments is mitigated by investing through Trust managers thathave been recommended by the Trust investment adviser.

Liquidity risk is the risk that the Trust will not be able to meet its financial obligations as and when they fall due. The Trust's approach tomanaging liquidity is to ensure, as far as possible that it will always have sufficient liquidity to meet its liabilities when due, under both normaland stressed conditions, without incurring unacceptable losses or risking damage to the Trust's reputation. The Trust has developed aLiquidity Management Policy covering cash flow management, solvency and both statutory and practical liquidity requirements for the Trust.

The Trust's Trust Deed provides for the daily withdrawal of benefits and it is therefore exposed to the liquidity risk of meeting members'withdrawals at any time.

The Trust's overall liquidity risks are monitored on a monthly basis by the Trustee.

Currently, cash not invested in a trust is held either with: (a) ANZ which has an Aa2 rating as reported by Moody’s; or(b) the Westpac Operational Bank Account which has an Aa2 rating as reported by Moody’s; or(c) Term Deposits from 30 days to 12 months (with a rating of BBB+ or higher) as reported by Standard & Poor’s.

The ratings of cash are reviewed by the Investment Committee on a quarterly basis. Any changes in banking arrangements requires theapproval of the Trustee Board.

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(g) Liquidity risk (continued)

Carrying Less Than 1+Amount 1 Month Months

30 June 2020Trade and other payables 1,843,152 1,778,694 64,458 Member liabilities 2,201,575,057 2,201,575,057 - Derivative liabilities 6,088,416 6,088,416 -

2,209,506,625 2,209,442,165 64,458

30 June 2019Trade and other payables 2,695,724 2,626,301 69,423 Member liabilities 2,304,693,554 2,304,693,554 - Derivative liabilities 1,790,899 1,790,899 -

2,309,180,177 2,309,110,754 69,423

19. Insurance

20. Commitments and contingent liabilities

(a) Capital commitments

21. Significant events after balance date


At the date of signing the financial statements, there is uncertainty on the likely duration and the ultimate impact of COVID-19 on financialmarkets.

Other than the matter outlined above, there have been no other events subsequent to balance date which would have a material effect onthe Trust’s financial statements at 30 June 2020.


The following are contractual maturities of financial liabilities, including interest payments and excluding the impact of netting agreements.

Member liabilities have been included in the less than one month column, as this is the amount that the Trust could be required to paymembers' liabilities, however, members may not necessarily call upon amounts vested to them during this time.

The Trust provides death and disability benefits to members. These benefits are greater than the members’ liabilities and as such theTrustee has a group policy in place with a third party to insure death and disability benefits in excess of vested benefits. The Trustee acts asan agent for these arrangements.

The Trust has no capital commitments or contingent liabilities at 30 June 2020 or 30 June 2019.

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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Part 1 – Independent Auditor’s report on financial statements

Independent Auditor’s report approved form for an RSE which is a reporting entity Australian Meat Industry Superannuation Trust ABN 28 342 064 803 Report by the RSE Auditor to the trustees and members Opinion I have audited the financial statements of the Australian Meat Industry Superannuation Trust for the year ended 30 June 2020 comprising the statement of financial position, income statement, statement of changes in member benefits, statement of cash flow and statement of changes in reserves. In my opinion, the financial statements present fairly, in all material respects, in accordance with Australian Accounting Standards the financial position of Australian Meat Industry Superannuation Trust as at 30 June 2020 and the results of its operations, cash flows, changes in reserves and changes in members’ benefits for the year ended 30 June 2020. Basis for Opinion I conducted the audit in accordance with Australian Auditing Standards. My responsibilities under those standards are further described in the Auditor’s responsibilities section of my report. I am independent of the entity in accordance with the auditor independence requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to my audit of the financial statements in Australia. I have also fulfilled my other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Responsibilities of the trustee for the Financial Statements The RSE's trustee is responsible for the preparation and fair presentation of the financial statements in accordance with Australian Accounting Standards and the requirements of the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations). The trustee is also responsible for such internal control as the trustee determines is necessary to enable the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee is responsible for assessing the ability of the RSE to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the RSE or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Page 2

audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the Australian Auditing Standards, I exercised professional judgment and maintained professional scepticism throughout the audit. I also:

x Identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, designed and performed audit procedures responsive to those risks, and obtained audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

x Obtained an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the RSE’s internal control.

x Evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustee

x Concluded on the appropriateness of the trustee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the RSE’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my auditor opinion. My conclusions are based on the audit evidence obtained up to the date of my audit report. However, future events or conditions may cause the RSE to cease to continue as a going concern.

x Evaluated the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

x Communicated with the trustee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identified during my audit.

Emphasis of Matter: Impact of the Coronavirus (COVID-19) Outbreak on Valuation of Unlisted Investments I draw attention to Note 4 (a) of the financial statements which describes the impact of the COVID-19 pandemic on the determination of the fair value of unlisted equity, property and infrastructure investment exposures and how this has been considered by the Trustee in the preparation of the financial statements. Due to the increased valuation uncertainty, fair value may change significantly and unexpectedly over a relatively short period of time. My opinion is not modified in respect of this matter. David Jewell EY Sydney 28 September 2020

Documents

AUSTRALIAN MEAT INDUSTRY SUPERANNUATION TRUST … · 2020. 10. 26. · AUSTRALIAN MEAT INDUSTRY SUPERANNUATION TRUST Investment and Insurance Administration Operational Tax reserve