Ipakodo Grammar School 1998 Set Alumni
Financial Report & Statement of Account
As of
Executive Summary
This Executive Summary presents the key financial outcomes, contributions, expenses, and the Set's net position for 2025. The year reflects strong member engagement, a successful Reunion project, and responsible financial management by the Association.
Financial Overview
| Category | Amount (₦) |
|---|---|
| Opening Balance (Jan 1, 2025) | 130,157.54 |
| Total Income (All Receipts) | 0 |
| Total Expenses | (0) |
| Net Cash Flow (Income - Expenses) | 0 |
| Closing Balance (Nov 30, 2025) | 0 |
A. Statement of Receipts and Payments
1. Opening Balance (1 January 2025)
₦130,157.54
2. Receipts During the Year
| Description | Notes | Amount (₦) |
|---|---|---|
| Membership Dues – 2025 Annual Dues | 1 | 0 |
| Donations & Sponsorships | - | 0 |
| Interest Earned on Bank Balance | - | 3,363.52 |
| 2025 Reunion Voluntary Contributions | 2 | 0 |
| Total Receipts | 0 |
3. Total Funds Available
₦0
4. Payments During the Year
Reunion Expenditure
| Item | Notes | Amount (₦) |
|---|---|---|
| T-Shirt Production (+ 2 caps) | 3 | 555,000.00 |
| Total Reunion Expenditure | 0 |
General & Administrative Expenses
| Item | Notes | Amount (₦) |
|---|---|---|
| CAC Registration | 4 | 100,000.00 |
| Total General Expenses | 0 |
5. Total Expenditure
₦0
6. Closing Bank Balance
₦0
7. Outstanding Liabilities
| Creditor | Description | Amount (₦) |
|---|---|---|
| T-Shirt Vendor | Balance | 55,000.00 |
| Caterer (Food Vendor) | Balance | 8,000.00 |
| Total Liabilities | 0 |
8. True Net Position
| Description | Amount (₦) |
|---|---|
| Cash in Bank (Nov 30) | 0 |
| Less: Outstanding Liabilities | (0) |
| Net Available Funds | 0 |
Notes to the Statement
Note 1: Membership Dues Received
Only 21 out of the current 97 members have made payments towards the 2025 annual dues of ₦24,000 each:
- 9 members paid in full → ₦216,000
- 12 members paid partial amounts → ₦70,000
Outstanding from these 12 partial payers: ₦218,000
Untouched (97 – 21 = 76 members): ₦1,824,000 still collectable.
Total potential dues revenue at 100% compliance: ₦2,328,000.00