6 months ended 30 June 2025 £’000 | 6 months ended 30 June 2024 £’000 | ||
|---|---|---|---|
Operating expenses | 926 | 466 | |
Legal & professional expenses | 743 | 33 | |
Administration fees | 147 | 140 | |
Recharged expenses | 2,435 | 1,710 | |
Directors’ fees | 248 | 199 | |
Auditor’s remuneration | 70 | 70 | |
Credit facility fees | 1,440 | 3,165 | |
6,009 | 5,783 |
Operating expenses
The increase in operating expenses has been driven largely by increases in charitable donations of £0.2 million (30 June 2024: £0.07 million) and staff related expenses of £0.1 million (30 June 2024: £0.0 million).
Legal & professional expenses
For the period ended 30 June 2025, the Company paid legal and professional expenses of £0.7 million (30 June 2024: £0.0 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 expanded credit facility.
Administration fees
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 2025 totalled £0.1 million (30 June 2024: £0.1 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 period ended 30 June 2025, the Administrative Agent recharged £2.4 million (30 June 2024: £1.7 million). This increase reflects the additional services provided to OCI in connection with the expanded credit facility, the main market listing, and the Company’s ongoing growth as it adopts best practices in risk management, compliance and ESG development.
Directors’ fees
For the period ending 30 June 2025, the Company paid directors’ fees of £0.2 million (30 June 2024: £0.2 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. During the period, one of the Directors waived remuneration (30 June 2024: one). No other fees were paid to the Directors (30 June 2024: £nil).
Auditor’s remuneration
The Company’s Auditor is KPMG. During the period ending 30 June 2025, the Company incurred KPMG audit fees of £0.1 million (30 June 2024: £0.1 million) and non-audit fees of £0 million (30 June 2024: £0 million).
Credit facility fees
For the period ended 30 June 2025, the Company paid facility fees of £1.4 million (30 June 2024: £3.2 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.