CTFA Annual Report 2021

EXECUTIVE COUNCIL'S REPORT The executive council presents his report for the year ended 31 December 2021. 1. Review of activities Main business and operations The principle activity of the association 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 industry best practice, standards and encouraging 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 our 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. Impact of COVID-19 The executive council has given due consideration to the potential impact of the COVID-19 pandemic on the association's ability to continue as a going concern. The executive council believes that the pandemic will have a temporary impact on the business activities. Not withstanding these short-term challenges the executive council is of the view that the association has sufficient resources to continue as a going concern. 3. Events after reporting date Subsequent to year end the association will be converting to a Non-Profit Company. 4. Executive Councils There have been no changes in membership during the current financial year. 5. Independent Auditors Watermans Registered Auditors were the independent auditors for the year under review. COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 24