CTFA Annual Report 2022

EXECUTIVE COUNCILS REPORT The executive council present their report for the year ended 31 December 2022. 1. Review of activities Main business and operations 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. 3. Events after reporting date The new Non Profit Company was incorporated in May 2022 and all operations with related assets and liabilities will be transferred to the new company in 2023. 4. Executive Councils There have been changes in membership during the current financial year. Mr A. Sharma - Resigned - June 2022 Mr G. Antoine - Resigned - July 2022 Mr M. Hukamdad - Resigned - August 2022 Mr M. Nkosi - Appointed - November 2022 5. Independent Auditors Watermans Registered Auditors were the independent auditors for the year under review. ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 06