Andrew, I'm inclined to think that HLF's monitor doesn't actually do much monitoring. A cynic would think that he merely ticks boxes and collects his wage from HLF...
However, the most interesting line is:-
3. HLF has had no requests, formal or informal, for further funding.
So, after all this wringing of hands and all the last-ditch pleas for money, TVOC haven't even bothered to ask for any more money? Oh dear...