2024 £’000 | 2023 £’000 | ||
|---|---|---|---|
Operating expenses | 1,167 | 1,875 | |
Administrator fees | 280 | 230 | |
Recharged expenses | 3,420 | 3,428 | |
Directors’ fees | 414 | 528 | |
Auditor’s remuneration | 190 | 170 | |
Credit facility fees | 2,416 | 1,770 | |
7,887 | 8,001 |
Administrator fees
Oakley Capital Limited (‘the Administrator’) was appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021.
Administrator fees for the year ended 31 December 2024 totalled £0.28 million (2023: £0.23 million).
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 2024, the Administrative Agent recharged £3.42 million (2023: £3.43 million).
Directors’ fees
For the year ending 31 December 2024, the Company paid Directors’ fees of £0.41 million (2023: £0.53 million) to the Board members. No fees were payable as at 31 December 2024 (2023: 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 Oakley Funds. During the year one of the Directors waived remuneration (2023: one). No other fees were paid to the Directors (2023: £nil).
Auditor’s remuneration
The Company’s Auditor is KPMG Audit Limited ("KPMG"). During the year ended 31 December 2024, the Company paid KPMG audit fees of £0.17 million (2023: £0.17 million) and non-audit fees of £0.02 million (2023: £0.005 million).
Credit facility fees
Credit facility fees are costs charged by the provider separate to the interest charge on the facility and change depending on size of the facility. For the year ended 31 December 2024, the Company paid facility fees of £2.42 million (2023: £1.77 million). The change in fees is due to an increase in the maximum facility available to the Company from £175 million in 2023 to £225 million in 2024.