CTFA Annual Report 2020

Due to the swift impact of the COVID-19 virus in South Africa during the year, the Association was under pressure to protect and maintain the interests of its members and as a result of the pandemic, the Summit was cancelled indefinitely. The result of the pandemic affected the private sector and many businesses did not survive the event. Although some of the Association’s members did not survive the world-wide impact of the pandemic, the Association was still able to maintain its financial viability. The Association’s primary focus during the year under review continued to be on lobbying, advocacy and member benefits. The primary source of revenue was generated from fees levied to the member companies. FINANCE REPORT Lloyd Viljoen | Accounting Services During the year under review, CTFA continued to make strategic decisions that position the Association as a leader in the regulatory space whilst keeping it financially healthy. Heading into 2020 the Association prepared to host the Cosmetics Summit in May, which was a major project aiming to provide more exposure to the industry under the African Continent and be able to work in association with similar industries on an international perspective. CTFA MEMBERSHIP BY SIZE OF COMPANIES 40% 17% 18% 5% 19% Large/Multinationals 18% Associates & Retailers 19% Small 40% Manufacturers 5% Medium 17% COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 7