2025 £’000 | 2024 £’000 | ||
|---|---|---|---|
Operating expenses | 1,799 | 1,018 | |
Legal & professional expenses | 1,468 | 149 | |
Administrator fees | 300 | 280 | |
Recharged expenses | 3,693 | 3,420 | |
Directors’ fees | 525 | 414 | |
Auditor’s remuneration | 193 | 190 | |
Credit facility fees | 2,236 | 2,416 | |
10,214 | 7,887 |
Operating expenses
The increase in operating expenses has been driven largely by an increase in admission costs of £0.5 million (2024: nil) due to the costs incurred for primary markets admission fee and increases in consultancy expenses of £0.2 million (2024: £0.0 million).
Legal & professional expenses
For the year ended 31 December 2025, the Company incurred legal and professional expenses of £1.5 million (2024: £0.1 million). The increase in these fees is as a result of costs associated with the main market listing in addition to costs in connection with the share buyback issuances.
Administrator fees
Oakley Capital Limited (the ‘Administrative Agent’) 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 2025 totalled £0.3 million (2024: £0.3 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 2025, the Administrative Agent recharged £3.7 million (2024: £3.4 million).
Directors’ fees
For the year ended 31 December 2025, the Company paid directors’ fees of £0.5 million (2024: £0.4 million) to the Board members. The members of the Board of Directors are considered to be the only 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 (2024: nil).
Auditor’s remuneration
The Company’s Auditor is KPMG Audit Limited (‘KPMG’). For the period ended 31 December 2025, the Company incurred £0.2 million in audit fees (2024: £0.2 million) and £0.2 million in non-audit fees for the main market listing working capital requirement and tax advisory services (2024: £0.0 million).
Credit facility fees
For the year ended 31 December 2025, the Company incurred £2.2 million of credit facility fees (2024: £2.4 million) as a result of the Company’s credit arrangements, replacing the existing facility with a new five-year facility totalling £325.0 million, thereby increasing OCI’s flexibility and liquidity.