CTFA Annual Report 2022

membership fees. A total of 7 new members joined CTFA, the total membership being 112 companies. Interest received from investments also generated a R233 296 increase versus the previous year. This boded well for the Association in closing the year above budget and in a surplus of R1 612 162. Operating expenses were basically the same as the prior year a decrease reflected over the prior year, totalling R4 973 260 for 2022 versus R5 096 802 for the 2021 financial year. Overall, expenses were well maintained by the Association. A total of 56 members enjoyed the early settlement refund benefit during the 2022 financial year. Despite some challenges faced during the year, 2022 was a year of membership introspection and great teamwork and the CTFA will continue investing back into the organisation for the benefit of 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. Best regards Lloyd Viljoen | Accounting Services 2022 MEMBER CATEGORIES CTFA MEMBERSHIP BY SIZE OF COMPANIES Multinationals 20% Small 40% Associates & Retailers 19% Medium 13% Manufacturers 5% Manufacturing Members 6% Associate Members 16% Retail Members 4% Full Members 73% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0% 10% 20% 30% 40% 50% 60% 70% 80% COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 07