2023 £’000 | 2022 £’000 | ||
Operating expenses | 6,001 | 5,460 | |
Administration fees | 230 | 200 | |
Credit facility fees | 1,770 | 1,359 | |
8,001 | 7,019 |
The following expenses are included in operational expenses:
a) Oakley Capital Limited (‘the Administrator’) was appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021.
Administration fees for the year ended 31 December 2023 totaled £0.23 million (2022: £0.2 million).
(b) Recharged expenses
The Company is recharged by the Administrative Agent for certain services such as compliance, accounting and investor relations provided by the Administrative Agent’s contracted advisers (which includes the Investment Adviser) on behalf of the Company. Such recharges are specifically agreed on an annual basis. For the year ended 31 December 2023, the Administrative Agent recharged £3.43 million (2022: £2.81 million). This increase reflects the additional services provided to OCI as both the entity grows and best practice in risk, compliance and ESG develop.
(c) Directors’ fees
For the year ending 31 December 2023, the Company paid directors’ fees of £0.53 million (2022: £0.47 million) to the Board members. No fees were payable as at 31 December 2023 (2022: none).
The members of the Board of Directors are considered to be Key Management Personnel. No pension contributions were made in respect of any of the Directors and none of the Directors receive any pension from any portfolio company held by the Funds. During the year one of the Directors waived remuneration (2022: one). No other fees were paid to the Directors (2022: £nil).
Please refer to the Remuneration report for further details.
(d) Auditor’s remuneration
The Company’s Auditor is KPMG. During the year ending 31 December 2023, the Company paid KPMG audit fees of £0.17 million (2022: £0.16 million) and non-audit fees of £0.005 million (2022: 0.021 million).