6 months ended 30 June 2026 £’000 | 6 months ended 30 June 2025 £’000 | ||
|---|---|---|---|
Operating expenses | 323 | 926 | |
Legal & professional expenses | (54) | 743 | |
Administration fees | 206 | 147 | |
Recharged expenses | 2,048 | 2,435 | |
Directors’ fees | 331 | 248 | |
Auditor’s remuneration | 96 | 70 | |
Credit facility fees | 478 | 1,440 | |
3,428 | 6,009 |
Operating expenses
The decrease in operating expenses has been driven by decreases in consultancy expenses of £0.2 million (30 June 2026: nil, 30 June 2025: £0.2 million), marketing and communication expenses of £0.1 million (30 June 2026: £0.2 million, 30 June 2025: £0.3 million), and staff-related expenses of £0.1 million (30 June 2026: £0.0 million, 30 June 2025: £0.1 million).
Legal & professional expenses
For the period ended 30 June 2026, legal and professional expenses comprised a net credit of £0.1 million (30 June 2025: net expense of £0.7 million), resulting in a favourable movement of £0.8 million. This primarily reflects: (i) the reversal of £0.2 million of share buyback commission fees recognised in FY25, which has now been recorded in Other Reserves; and (ii) the non-recurrence of £0.5 million of costs incurred in FY25 in connection with the Company's expansion of its credit facility.
Administration fees
Oakley Capital Limited (the ‘Administrative Agent’) provides administration services at prevailing commercial rates. Administration fees for the period ended 30 June 2026 totalled £0.2 million (30 June 2025: £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 2026, the Administrative Agent recharged £2.0 million (30 June 2025: £2.4 million).
Directors’ fees
For the period ended 30 June 2026, the Company paid directors’ fees of £0.3 million (30 June 2025: £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 (30 June 2025: nil).
Auditor’s remuneration
The Company’s Auditor is Deloitte Ltd. (30 June 2025: KPMG). For the period ended 30 June 2026, the Company incurred £0.1 million in audit fees (30 June 2025: £0.1 million) and £0.0 million in non-audit fees (30 June 2025: £0.0 million).
Credit facility fees
For the period ended 30 June 2026, the Company incurred £0.5 million of credit facility fees (30 June 2025: £1.4 million) as a result of the Company’s credit arrangements. This decrease of £0.9 million is due to the non-recurrence of costs incurred in FY25 in connection with the Company's expansion of its credit facility.