CTFA Annual Report 2021

FINANCE REPORT L L O Y D V I L J O E N | A C C O U N T I N G S E R V I C E S D uring the year under review, CTFA continued to make strategic decisions that positioned the Association as a leader in the regulatory space whilst keeping it financially healthy. The Association’s primary focus continued to be on lobbying, advocacy and member benefits. The primary source of revenue for the year was generated from fees levied to the member companies. Due to the continued impact of the COVID-19 virus in South Africa during the year, many Association members were under severe financial pressure which led to some cancellations. Management was however in a position to maintain the Association’s financial viability and report a surplus. CTFA MEMBERSHIP BY SIZE OF COMPANIES 36% 20% 20% 5% 20% Multinationals 20% Small 36% Associates & Retailers 20% Medium 20% Manufacturers 5% 13 COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA