CTFA Annual Report 2019

EXECUTIVE COUNCIL'S REPORT The executive council presents his report for the year ended 31 December 2019. 1. Review of activities Main business and operations The principal activity of the association is that the Cosmetic Toiletry & Fragrance Association of South Africa (CTFA) represents and promotes the interest of its member companies. It is an authoritative voice for the industry in South Africa and actively articulates industry viewpoints to government departments. It continues to lead the industry forward with regard to setting regulations and standards, and encourages responsible advertising. There were no major changes herein during the year. The operating results and statement of financial position of the association are fully set out in the attached financial statements and do not in my opinion require any further comment. 2. Going concern The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. 3. Events after reporting date The executive council is not aware of any matter or circumstance arising since the end of the financial year to the date of this report that could have a material effect on the financial position of the association. 4. Executive Council The following changes took place in the executive council during the year: Resignations: M. Hobbs - Indigo Brands (Pty) Ltd H. Motan - Revlon South Africa (Pty) Ltd I. du Toit - Avon Justine (Pty) Ltd Appointments: G. Antoine - Chairperson T. Gordon-Bennet M. Hukamdad W. Thetard 5. Independent Auditors Watermans Registered Auditors were the independent auditors for the year under review. COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 29