CTFA Annual Report 2022

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. Even though the year under review was still a difficult year for many of our members, with a total of 23 members, mainly small entities, not continuing with their membership, the CTFA still had a financially successful year. With sound financial management, the Association met the approved 2022 budget and reported a surplus. This was mainly due to lower than expected travelling costs as all post Covid -19 events were not in full swing yet. Training provided by the Association continued on a virtual platform. Income was generated mainly from membership, which grew by 4.7% over the prior year. The growth is mainly due to the increase in FINANCIAL 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 T he CTFA continued with their commitment to build and grow its capabilities to ensure members’ loyalty and growth; and as a result the industry’s future success. The continued strategic decision making during the year was to position the CTFA as a leader in the regulatory space and keeping it financially healthy. COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 06