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 period ended 30 June 2024 totalled £140,000 (30 June 2023: £115,000).

(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 period ended 30 June 2024, the Administrative Agent recharged £1,710,000 (30 June 2023: £1,539,000). 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 period ending 30 June 2024, the Company paid Directors’ fees of £199,159 (30 June 2023: £268,000) to the Board members. No fees were payable as at 30 June 2024 (30 June 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 Funds. During the period, one of the Directors waived remuneration (30 June 2023: one). No other fees were paid to the Directors (30 June 2023: £nil).

Please refer to the Remuneration report for further details.

(d) Auditor’s remuneration

The Company’s Auditor is KPMG. During the period ending 30 June 2024, the Company incurred KPMG audit fees of £70,444 (30 June 2023: £82,625) and non-audit fees of £0 (30 June 2023: £5,000).