CTFA Annual Report 2021

2021 MEMBER CATEGORIES Manufacturing Members 5% Associate Members 15% Retail Members 5% Full Members 75% During 2021 the association met the approved budget and posted a surplus in excess of the budgeted figures. Virtual training sessions continued throughout the year although the income from these sessions was lower than expected. Income generated from membership grew by 3% over the prior year. This was mostly due to the fee increase for 2021. A total of 10 new members joined CTFA bringing the total membership up to 128 companies. The decrease in overall member companies was due to the financial impact of the COVID-19 pandemic on the Association’s smaller member companies. Due to lower interest rates the interest received from investments was lower by 9.7% compared to the previous year The Association ended the financial year with an above budget surplus of R1 044 029. This was after the early settlement offer enjoyed by a total of 76 members during the 2021 financial year. Operating expenses reflected a 6% increase over the prior year, totalling R5 096 802 for 2021 versus R4 808 205 for the 2020 financial year. The increase is mainly due to the consumer studies and consulting fees relating to the MOI for the company to be registered. Overall, expenses were well maintained by the Association. Despite the challenges faced as a result of the COVID-19 pandemic, 2021 continued to be a year of relative stability through adaptation to the status quo, as a result, the CTFA will continue to invest back into the organisation for the benefit of the members. Watermans have expressed willingness to continue as auditors for the next financial year and a resolution proposing their reappointment will be submitted at the forthcoming Annual General Meeting. 15% 75% 5% 5% 14 COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA