Ipakodo Grammar School 1998 Set Alumni

Financial Statement As at 30 November 2025

Detailed financial reports and statements

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 as of November 30, 2025

Category	Amount (₦)
Opening Balance (Jan 1, 2025)	130,157.54
Total Income (All Receipts)	2,152,863.52
Total Expenses	(2,247,317.32)
Net Cash Flow (Income - Expenses)	(94,453.80) Deficit
Closing Balance (Nov 30, 2025)	45,703.74

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 (21 members)	1	286,000.00
Donations & Sponsorships	-	58,500.00
Interest Earned on Bank Balance	-	3,363.52
2025 Reunion Voluntary Contributions (39 members + 1 anonymous)	2	1,805,000.00
TOTAL RECEIPTS		2,152,863.52

3. Total Funds Available

₦2,283,021.06

4. Payments During the Year

ITEM	NOTES	AMOUNT (N)
T-Shirt Production (+ 2 caps)	3	555,000.00
Food	3	568,000.00
Drinks	3	400,000.00
DJ Services	3	60,000.00
Small Chops	3	60,000.00
YouTube Streaming (Camera + Data)	3	50,000.00
Domain Registration & Web Hosting	3	50,000.00
Miscellaneous	3	30,000.00
Photographer	3	25,000.00
2 Bags of Rice (Palliative)	3	120,000.00
2 Bags of Garri (Palliative)	3	70,000.00
Printing of Palliative Stickers	3	15,000.00
Servers	3	18,000.00
TOTAL REUNION EXPENDITURE		2,021,000.00

B General & Administrative Expenses

ITEM	NOTES	AMOUNT (N)
CAC Registration	4	100,000.00
Members' Welfare	4	75,000.00
Meet & Greet Refreshments	4	36,000.00
School Support	4	14,000.00
SMS & Bank Charges	4	1,317.32
TOTAL GENERAL EXPENSES		226,317.32

5. Total Expenditure

N 2,247,317.32

6. Closing Bank Balance

N 45,703.74

7. Outstanding Liabilities

CREDITOR	DESCRIPTION	AMOUNT (N)
T-Shirt Vendor	Balance	55,000.00
Caterer (Food Vendor)	Balance	8,000.00
TOTAL LIABILITIES		63,000.00

8. TRUE NET POSITION

DESCRIPTION	AMOUNT (₦)
Cash in Bank (Nov 30)	45,703.74
Less: Outstanding Liabilities	(63,000.00)
NET AVAILABLE FUNDS	₦(17,296.26)

Notes

NOTE 1 Membership Dues Received (₦286,000.00)

• 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

Members' Dues Payment Details

S/N	Full Name	Member ID NO	Total Paid	% Paid
1	Adebiyi Emmanuel Babatope	IPK98-1128AEB	2,000.00	8%
2	Adetola Temitayo Adegbenga	IPK98-1705ATA	24,000.00	100%
3	Alaran Bunmi	IPK98-0922AB	2,000.00	8%
4	Aregbe Idris Olanrewaju	IPK98-1305AIO	20,000.00	83%
5	Damilola Rasheedat Alagbe	IPK98-0304DRA	6,000.00	25%
6	Essi Anthonia	IPK98-0818EA	2,000.00	8%
7	Femi Adisa-Isikalu	IPK98-0327FAI	24,000.00	100%
8	Jaiyesimi Azeez Olalabi	IPK98-0629JAO	24,000.00	100%
9	Lasisi Omolara Falilat Adunni	IPK98-1201LOF	24,000.00	100%
10	Maduka Gloria Taiwo	IPK98-0202MGT	2,000.00	8%
11	Noah Rukayat Yetunde	IPK98-0419NRY	6,000.00	25%
12	Odukoya Onome	IPK98-0106OO	24,000.00	100%
13	Olaiya Olarewaju Kazeem	IPK98-0331OOK	10,000.00	42%
14	Olugu-Kalu Emuvoke Marian	IPK98-0314OEM	24,000.00	100%
15	Oluwatobi Lawal	IPK98-0612OL	24,000.00	100%
16	Owokorodu Kafilat Aderoju	IPK98-0707OKA	24,000.00	100%
17	Oyesanya Olayinka Jimoh	IPK98-0515OOJ	2,000.00	8%
18	Priscilla Chidinma John	IPK98-1017PCJ	4,000.00	17%
19	Stanley Nwotiti	IPK98-0902SN	2,000.00	8%
20	Sunday Qudus Ogunbambi	IPK98	24,000.00	100%
21	Tijani Yusuf Bolanle	IPK98-0122TYB	12,000.00	50%

NOTE 2 – 2025 Reunion Voluntary Contributions (#1,815,000.00)

Exactly 40 contributors (39 named + 1 anonymous via Lasisi Omolara)

S/N	Member ID No	Full Name	Amount
1	IPK98-0106OO	Odukoya Onome	30,000
2	IPK98-0122TYB	Tijani Yusuf Bolanle	40,000
3	IPK98-0314OEM	Olugu-Kalu Emuvoke Marian	50,000
4	IPK98-0327FAI	Femi Adisa-Isikalu	210,000
5	IPK98-0331OOK	Olaiya Olarewaju Kazeem	10,000
6	IPK98-1305AIO	Aregbe Idris Olanrewaju	80,000
7	IPK98-1705ATA	Adetola Temitayo Adegbenga	360,000
8	IPK98-0612OL	Oluwatobi Lawal	250,000
9	IPK98-0707OKA	Owokorodu Kafilat Aderoju	76,000
10	IPK98-0818EA	Essi Anthonia	10,000
11	IPK98-1112PO	Promise Odumosu	30,000
12	IPK98-1201LOF	Lasisi Omolara Falilat Adunni	50,000
13	IPK98	Adenike Aina Ilesanmi	10,000
14	IPK98	Sanusi Lateef	5,000
15	IPK98	Adeleye Adebayo	10,000
16	IPK98	Adebajo Abiodun	20,000
17	IPK98	Onyejjuwa Vincent	30,000
18	IPK98	Anonymous Via Falilat	102,000
19	IPK98	Adeniyi Oluwarotimi Oriola	20,000
20	IPK98	Nnamani Sochima Mercy	50,000
21	IPK98	Kolawole Oludayo Oluremi	70,000
22	IPK98-0612FK	Funmilayo Kuti	10,000
23	IPK98-0419NRY	Noah Rukayat Yetunde	25,000
24	IPK98	Sunday Qudus Ogunbambi	20,000
25	IPK98	Alfred Chijindu Ugwu	20,000
26	IPK98-0901KB	Kazeem Badaru	20,000
27	IPK98-0313RE	Ruth Eferewo	5,000
28	IPK98-0725KAO	Kazeem Akeem Olayinka	30,000
29	IPK98	Oluwatobiloba Babatunde Awosanya	10,000
30	IPK98-0202MGT	Maduka Gloria Taiwo	10,000
31	IPK98	Ugwu Ndubuisi David	20,000
32	IPK98-1017PCJ	Priscilla Chidinma John	10,000
33	IPK98-0629JAO	Jaiyesimi Azeez Olalabi	40,000
34	IPK98-1128AEB	Adebiyi Emmanuel Babatope	20,000
35	IPK98-0325OK	Oshikoya Kazeem	20,000
36	IPK98-0922AB	Alaran Bunmi	10,000
37	IPK98-0416OTA	Olateju Temitope Adenike	10,000
38	IPK98-1010AE	Adaeze Esther	12,000
39	IPK98-2308IH	Idowu Hammed	10,000
40	IPK98	Anonymous	10,000

NOTE 3 – 2025 Reunion Expenditure (₦2,021,000.0)

Item	Total Committed (₦)	Cash Paid (₦)	Still Owed (₦)
T-Shirt Production + 2 caps	555,000	500,000	55,000
Food	568,000	560,000	8,000
Drinks	400,000	400,000	–
DJ Services	60,000	60,000	–
Small Chops	60,000	60,000	–
Streaming (Camera & Data)	50,000	50,000	–
Domain Regi & Web Hosting	50,000	50,000	–
Miscellaneous	30,000	30,000	–
Photographer	25,000	25,000	–
2 Bags of Rice (Palliative)	120,000	120,000	–
2 Bags of Garri (Palliative)	70,000	70,000	–
Printing of Palliative Stickers	15,000	15,000	–
Servers	18,000	18,000	–
TOTAL	2,021,000	1,958,000	63,000

Out of the total reunion expenditure of ₦2,021,000.00, we have successfully paid ₦1,958,000.00 to all vendors. The remaining ₦63,000.00 represents the only outstanding liability, covering the balance for T-shirt production (₦55,000) and the food catering balance (₦8,000).

NOTE 4 – General & Administrative Expenses (₦226,317.32)

Item	Amount (₦)
CAC Registration Fee	100,000.00
Members' Welfare & Support	75,000.00
Greet & Meet Refreshments	36,000.00
School Support (fuel + security allowance)	14,000.00
SMS & Bank Charges (full year)	1,317.32
Total	226,317.32

The CAC registration fee is the largest component, while the remaining items, welfare, refreshments, school support, and bank charges, reflect essential and modest operational needs.

NOTE 5 – Closing Bank Balance & Liabilities (₦45,703.74)

• Closing Balance: ₦45,703.74 (30-Nov-2025)

• Outstanding liabilities still to be paid: ₦63,000 (T-shirt ₦55,000 + Food ₦8,000)

• Net funds after settling all debts: ₦45,703.74 – ₦63,000 = (₦17,296.26)