CTPA Annual Report 2015 - page 42

13.1 The Cosmetic, Toiletry & Perfumery Association Limited
(Limited by Guarantee) Registration No: 398046
Directors’ Report Year ended 31 December 2015
Directors’ Report and
Financial Statements
The members of the Board are the directors of the company.
The current directors, and the directors who acted at any
time during the financial year, appear on pages 4-5.
Principal Activities and Review of Operations
The principal activities of the Association are to organise,
study, protect, promote and further the interests of the
cosmetic, toiletry and perfumery industry in the United
Kingdom. These remained unchanged during the year
under review and all the Association’s work came within
that general description. In carrying out this work the
Association involved itself deeply in the work of the
European cosmetic trade association, Cosmetics Europe.
It is the Association’s intention to continue to operate
within the same general framework.
The Association’s financial policy is to match income and
expenditure over a period of years, subject to the need
to maintain adequate working capital. Subscriptions for
2016 have been set at a level which takes into account
the financial position at 31 December 2015.
Risk Management
The Association has identified a number of risks including a
potential shortfall in income from member subscriptions,
an IT systems failure and/or security breach leading to a
break-down in the expected membership service levels,
a breach of UK/EU competition law by either its staff or
members whilst on Association business/premises and a
conflict of interest and/or related party transactions with
Board members. Internal controls have been developed to
reduce these risks including the alignment of budget with
membership renewal levels, the funding of an IT systems
business continuity programme, the highlighting of the need
for staff and members to conduct themselves according to
the CTPA’s Competition Guidelines which are re-issued,
highlighted and reviewed at appropriate times. These controls
are reviewed periodically by the Board of Directors.
Regular enquiry is made of board members to ensure there are
no conflicts of interest between CTPA and its Board members.
The directors present their report and the audited financial statements of the company no. 398046 for the year ended
31 December 2015. This report has been prepared in accordance with the special provisions of Part 15 of the Companies
Act 2006 relating to small companies. The directors have elected to adopt early Financial Reporting Standard 102 (‘FRS 102’)
Section 1A Small Entities.
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