Financial Controls and Monitoring Policy

Company: Tyrogen Limited (16884876)
Owner: Finance Lead / Director
Approved by: Governing Body (or delegated authority per MD/GOVERNANCE/DELEGATION OF AUTHORITY)
Status: Draft (controlled policy)
Version: 0.2
Last updated: 2026-04-05
Next review: 2026-04-30

1) Purpose

This document is Tyrogen’s canonical policy source for financial controls, financial monitoring, affordability oversight, and learner-protective financial governance.

Tyrogen has this policy so that its accounting records, financial monitoring, affordability decisions, and finance-linked readiness dependencies are controlled through one clear and auditable framework. That framework ensures Tyrogen monitors financial performance against plan, escalates material concerns through governance routes, and treats learner protection and regulated readiness as funded control obligations rather than unsupported assumptions.

1.1 Ofqual alignment

This policy supports Tyrogen’s wider regulatory and governance framework, including:

• Criterion C.1(b) expectations relating to financial resources and facilities,
• Condition A5 expectations relating to adequate resources and financial viability,
• PR1 expectations of integrity, prudence, and learner protection,
• and the wider recognition-readiness requirement that mandatory pre-go-live controls are reflected credibly in planning, monitoring, and escalation.

1.2 What this file owns

This file owns Tyrogen’s canonical position on:

• financial control principles,
• accounting-record and finance-monitoring expectations,
• budget, forecast, cash, and runway review,
• finance reporting into governance oversight,
• reserve and learner-protection framing,
• affordability treatment for mandatory pre-go-live regulated roles and controls,
• finance-linked third-party support oversight,
• and the minimum retained evidence showing these arrangements operate.

1.3 What this file does not own

This file does not own:

• the finance-pack folder map and artefact inventory, which is owned in Finance — Forecasts and Funding,
• funder identity, funding commitment detail, or funding rationale, which is owned in Funding Statement,
• scenario-modelling detail, which is owned in Sensitivity Analysis (3-Year),
• the mandatory role-set definition and activation model, which are owned in Resourcing Plan for Regulated Awarding and Regulated Go-Live Readiness Checklist,
• delegated approval thresholds or reserved-matters mechanics, which are owned in Delegation of Authority,
• broader anti-bribery, anti-fraud, gifts, hospitality, and speak-up rules, which are owned in Code of Conduct and Ethics,
• or continuity-process mechanics, which are owned in Business Continuity.

Where those files are relevant, this policy signposts them rather than duplicating their substance.

2) Scope

This policy applies to Tyrogen’s:

• financial recordkeeping and accounting records,
• budgeting and forecasting,
• cashflow, runway, and reserve monitoring,
• approvals and spend-control reliance,
• finance reporting to the Governing Body,
• and affordability oversight for regulated-readiness commitments.

It applies across Tyrogen’s current business activities and across any future regulated awarding activity that Tyrogen activates through its governed go-live model.

For regulated-readiness purposes, this includes affordability and monitoring for mandatory pre-go-live appointments and support routes, including:

• Head of Assessment & Standards / assessment specialist,
• independent technical reviewer capacity,
• Appeals Panel pool,
• Malpractice & Maladministration Panel pool,
• and external accountant or accounting-support capacity.

3) Policy position and principles

Tyrogen’s policy position is that financial control is not limited to bookkeeping. Tyrogen maintains accurate records, monitors financial performance at a defined cadence, escalates material issues through governance routes, and treats learner protection, continuity, and regulated-readiness affordability as live control matters. Mandatory pre-go-live roles and control dependencies are treated as real planned commitments, not optional future extras.

Tyrogen applies the following principles:

• Accuracy — records and reporting must be complete enough to support management review, governance oversight, and audit.
• Prudence — monitoring must identify emerging financial pressure early.
• Learner protection — financial planning must consider continuity, teach-out exposure, and safe non-go-live decisions where affordability is insufficient.
• Controlled commitment — spend and financial commitments must follow defined governance and approval routes.
• Governance visibility — material variances, affordability concerns, and readiness-linked finance issues must be visible to the Governing Body.
• Integrity — financial activity must not be distorted by fraud, bribery, inducements, concealed claims, or misuse of authority.

In Tyrogen’s current lean model:

• Jessie Danquah acts as the internal finance owner,
• monthly monitoring is performed internally and documented,
• external accountant support may be used on a defined engagement basis rather than through a continuous retainer,
• and regulated decision-making roles are not remunerated through profit-linked or outcome-linked models.

4) Financial recordkeeping system

Tyrogen operates an in-house accounting and financial-record system to:

• record income, expenditure, assets, and liabilities,
• maintain supporting records such as invoices, receipts, and bank statements,
• support month-end reporting and review,
• and support production of statutory accounts and external review where required.

4.1 Minimum system requirements

The system must support, as a minimum:

• a defined chart of accounts,
• unique identifiers for transactions and documents,
• retention of supporting documents in line with applicable retention controls,
• reconciliation outputs, including bank reconciliation and relevant payment-provider reconciliation,
• exportable ledger and reporting outputs to support external review and statutory accounts,
• and an auditable record of edits and corrections to financial records.

5) Budgeting, forecasting, and performance monitoring

Tyrogen maintains a 3-year finance pack as the baseline planning tool, supported by the live artefacts referenced in Finance — Forecasts and Funding, including:

• MD/FINANCE/PANDL_FORECAST_3Y.csv,
• MD/FINANCE/CASHFLOW_FORECAST_3Y.csv,
• Funding Statement,
• and Sensitivity Analysis (3-Year).

Reusable template ownership remains with the relevant MD/TEMPLATES/ files and the finance folder map.

5.1 Monitoring cadence

Tyrogen monitors financial performance at least monthly, including:

• forecast versus actual position,
• key variance explanations,
• cash position and runway,
• foreseeable liabilities and committed costs,
• emerging financial risks relevant to learner protection,
• the affordability position for mandatory pre-go-live roles and controls,
• any timing, cost, or capacity issue affecting readiness-critical appointments,
• and whether the current forecast supports continued safe no-go-live gating where readiness costs cannot yet be funded credibly.

Tyrogen reviews cash position, runway, variances, committed costs, and regulated-readiness affordability at least monthly so that financial pressure points are identified before they become learner-protection, continuity, or go-live risks.

5.2 Governance reporting

Financial oversight is reported to the Governing Body through the MI pack and related governance records, including MI Pack Template where applicable.

In the current lean model, Jessie Danquah prepares or oversees the finance input into governance reporting and ensures that any material issue is recorded through the relevant Board papers, minutes, or Decision Log entries where appropriate.

For regulated-readiness scope, finance reporting must make clear:

• which mandatory roles or support routes are already funded,
• which remain subject to future commitment,
• what timing assumption is being used,
• and whether any affordability concern should delay go-live.

Financial oversight travels upward into the Governing Body through recurring reporting so that affordability, variance, reserve, and readiness concerns remain visible rather than sitting as unreported management assumptions.

6) Reserves and learner protection

Tyrogen maintains reserves and contingency thinking aimed at protecting learners’ interests and sustaining critical services through the qualification lifecycle.

In support of learner protection, Tyrogen:

• monitors cash runway and foreseeable liabilities,
• maintains scenario planning through sensitivity analysis,
• aligns finance oversight with continuity planning in Business Continuity,
• and identifies cost drivers relevant to continuity, teach-out, or withdrawal where regulated qualifications are in scope.

Any decision or forecast change that may weaken Tyrogen’s ability to maintain services, sustain critical controls, or support learner-protective continuity must be escalated through governance routes.

Where regulated awarding activity is being prepared, Tyrogen also considers whether reduced affordability for mandatory appointments or insufficient independence-critical pool depth creates a learner-protection or readiness-gating concern.

Tyrogen frames reserves, runway, and affordability in learner-protection terms: the organisation monitors whether it can sustain critical services, teach-out duties, and readiness-critical capability, and escalates any weakening position that could undermine safe regulated delivery.

7) Spend controls and approvals

Spend approvals follow Delegation of Authority.

At minimum, this includes:

• defined approval routes for routine, non-routine, and material spend,
• evidence of approval such as invoices, approval records, or Board minutes,
• and clear ownership for supplier onboarding and contractual commitment where applicable.

This includes contracted specialist and panel appointments where those commitments affect financial exposure or regulated readiness.

No mandatory pre-go-live role or support route may be treated as financially assumed away where Tyrogen intends to rely on that route for regulated go-live.

7.1 Unusual payment, fraud, or inducement concerns

Any unusual payment request, unsupported expense, duplicate claim, unexplained reconciliation issue, suspected fraud, attempted bribery, undisclosed commission, kickback, or other finance-integrity concern must be escalated promptly through the appropriate governance route.

Depending on the issue, Tyrogen may also apply:

• Code of Conduct and Ethics,
• Governance Change and Incident Management,
• and other relevant incident or regulatory escalation routes where applicable.

8) Third-party support services and funded dependencies

Where Tyrogen uses third parties for support services, including payment providers, hosting, identity services, printing, fulfilment, or accountant support, those dependencies are recorded and reviewed through the relevant supplier and governance controls.

Where the supplier or support service underpins a mandatory pre-go-live control or a finance-significant readiness dependency, the oversight record must show:

• what is being funded,
• who funds it,
• under what timing assumption,
• and whether the route is sufficiently secure and dependable for the planned readiness timeline.

Tyrogen treats accountant support and other finance-significant third-party dependencies as part of the control environment, especially where they support regulated readiness, external review, or continuity of critical services. Oversight records must therefore show whether those routes are genuinely funded and dependable.

9) Minimum records and evidence

Relevant records may include:

• monthly finance review notes, including forecast-versus-actuals, variances, and actions,
• cash-position and runway evidence,
• approvals and invoices supporting spend,
• updated finance-pack versions,
• supplier or support-service review notes where relevant,
• records of accountant or external finance-support engagement where used,
• MI-pack extracts or Board papers showing financial oversight,
• funding assumptions and affordability notes for mandatory pre-go-live appointments,
• escalation records where affordability or timing weakens,
• and Board or Decision Log references where finance concerns affect readiness gating or learner-protection conclusions.

The retained finance evidence set is intended to show both routine financial control and regulated-readiness credibility, including recurring review, forecast evidence, affordability notes, escalation records, and governance visibility where finance affects learner protection or go-live decisions.

10) Related documents

• Finance — Forecasts and Funding
• Business Plan
• Funding Statement
• Sensitivity Analysis (3-Year)
• Resourcing Plan for Regulated Awarding
• Regulated Go-Live Readiness Checklist
• MI Pack Template
• Delegation of Authority
• Code of Conduct and Ethics
• Business Continuity

11) Change log