Collbptty Registration F4umber. (14639157 Cb#rity Number 1105477 THE EUROPAEUM (A company limited by guarantee) FINANCIAL STATEMENTS Year ended31 December 2024
THE EUROPAEUM FINANCIAL STATEMENTS YEAR ENDED 31 Dteefftber 21124 Contents Pages Member5 of the Board and pn)rjOnaj adviw5 Trustees. AnDual Rq>ort ststement of Trustees T¢sponsil>ilities Independent eXa]nev5 report Statemeni of Financial Aclivitits {incorpi)Tattng the income and expendit accoullt) Balance sheet Noles to the r]nancial statements 10-13
THE EUROPAEUM MEMBERS OF THE BOARD AI¥D PROFLSSIONAL ADVISERS Registered charity Charity Dumber 1105477 Company registrat number 04639157 Registered offiee Belsyre Court l# Floor 57 WIKxlaock Ro Oxford OX2 6HJ Offlee addre Atmex 3 70 Wk Ro Oxford OX2 6HR Trnstees attd Direttors AndTieAne d'Arenberg Pmfessor José Manuel Barroso Professor isabel Capeloa Gil tk Andrew Graha Baron {Williarn) Hague of Richmond Baroness (Mare1) Jay of Paddingwn Professor Maxituiiiau Kiener Pmfe&8or Brigid Laffan Pascal Lamy Professor Darne Sally Mapstone str0fr Marie-Laure Sall&¥ Hernw Van Rompuy Professor Wim van d¢n t1 PerSODS of SigDifKant Control Anthony Teasdale (Executive Director of the Europaeum) Independellt ex*mitiers Burdett Kitig Accoulltsncy Limited Chartered Certified Accountant 8 The HarnihoDS Newmarket CB8 ONF Banker5 CAF Bank 25 Kings Hill Avenue West Mailing Kent ME19 4JQ Trdnsf¢rWise Europe SA Avenue Marnix 13-17 1000 Brussels Belgium
THE EUROPAEUM TRUSTELS ANNUAL REPORT YEAR ENDED 31 December 2024 The Trust¢e& who are also directors for the purposes of company law. present their report and the fanCIal statefftents of the charity forth¢ year ended December 2024. Refer¢nee and adntiDiStr4¢ive detsi Reference and admillistrdtive details a showll the %hedule of member5 of the Iwd and PTofessional adviser5 on page l of the fjnancial Statements. The Trusttts The Trustees who served the chaTity during the peri(Kl in question (January to De¢ember2024) were &5 follows: Baroll (Christopher) Patten of Barnes (Chair until November 2024) Dr Andrew Graham (Chair from Ikcember2024) Professor José Manuel BaTrnSO Professor Isabel Capeloa Gil Andrienne d'Arenberg Baroness (Margaret) Jay of Paddington Pas¢al Lamy Professor Dame Sally Mapstone Laurd Nonlstrom Professor MaTie-Laure Salles Professor Wirn van den t)oel Profrssor mlm111an Kiener- apwTriDted 31 Decetnber2024 Person of Significant Control.. Dr Hartmut Mayer- resigned 15 Juty 2024 Anthony Teasdale- apwind from 16 Juty 2024 (Executive Directors of the Europaeum) Structur4 goverTraDce management The chitable company 15 incortK>rdted &5 a company limit¢d by guarantee baying no share capital an(L in accordance with the Memorandurn and Article5 of Association, every rnember is liable to contribute a sum of £1 in the event of the cornpany being w(Mutd up. The Tn]stees are appointed either in their capacities as Rtttors of the manber universities or as CLpted ]nebers. The board keeps the skill requirements for the Tn]stre body under ttview. The Trust¢¢5 Tneet durtng the year to agrec and review broad strategy. to mollit(K past activities. to agree areas of activity for the orgatjisation. including risk management poli¢tes and t*rforniance, and to seek additional funding. as necessary. En addition. the Chair of the Twste¢s is tn frequent CtaCt wtth the Executive Director, and members are also consulted regularty to review Major operational p)licy changes and to support th¢ Executive Director in any significani adminislrdtive or changes the work ofthe &$78110. The Execulive Dire¢lor is prewt at all board meeting4 while the nominated Rectors (or repres¢ntstives) are or officio metllbets of the Ewopaeum A<ei¢ Council, which over5ee5 aleI¢ policy matters for the The following meetings of Eryaeutn governing bodies toc& pl ID 2024.. - The Trusttts met on 15 March in Oxford and online, 5 June in I3)nd and online, and 18 Nov¢mber in London and onlin¢.
THE EUROPAEUM TRUSTEES ANNUAL REPoRT(CvlUtIJ YEAR ENDED 31 DeceJDbEr 2024 The AcadeiC CoullciL Comprisillg representatÈves of all Member univetsitie& met on 13 May in St Anthtws and online, and on 25 Iktober ID VreDna at]d online. Professor Wim van Doel (Leid¢n}, TnLStee, served as A¢ting Chair of the Academic Council. The Executive Committee, cotllpri*d of a muing group of representstives of six member universttie5, met on 7 March, 30 ApTiL 10 July and 10 (ktober. all (ynline. Tr Execut&Ye Comtllittee is chaired by the Executive Direttor. The Europaeum has a sTrall ¢eTrtTJI 5ecrttsri4 based at St Antony's College ill the Universty of OKf(Yd. The 5e¢retsriat Currendy comprises an Executive Director. a ChielAdministrator, two part-tÈme Programme Dire¢tor& and thr¢¢ part.titne Admini%tratots forprogrdmm¢s and Outreac alumni relati¢ms, and financial management. Risk management The charity's Trustees bave Considered the major risks to which the charity is exp)sed atld have reviewed those risks and established 5ySterns alld procedutes lo manage those risks. Objective5 and acttvitie5 The company i5 a registered charity estsblished for the advancement of education througb the encouragement of Eurnpean studies in universities. The EuropaeuD] was found¢d in 1992 &5 an a5)e18ti0n of European universities. Its tntssion is to give the MO talented, m05t energetic and most SOCTaJly Committed students within the Europaeum network the opportunity to develop profe&%1(Ml qualities to shape the futur¢ of Euro forthe better. In this coni&xL it ts eTnpoweTed to: promote excellence between the Eutopxum partnexs, through 1¢1¢ collaboYati(M) in research and aci as an ¢)pen a(xdemic netsv(Kk linking the Eurwm pa)erS and other bodies in the pursuit of setrye a resour(Y for the general support promotÉon of EUT0P Studies; function independently in the search for new id. provide opportwiitie5 for theioint undertsking of new. patrEurOp, initiativ¢s" provide a 1 of tslent. io carry out research aThd inquiry into PTthIcms aDd questions ntIg Europe today and tomorrow,. and train and educate 'futhre leaders, frITa new Ery. Membership ill 21)24 The Europaeum was originally founded by thTee univer5iti¢5- Bologn4 Leid and Oxford- in 1992. IknÈng the course of 2024. the following universiÈies were members of the Eun)paeum: Barcelona (Pornpeu Fabra), Berlin (Freie Universitat), Bologn4 Copenhagw Geneva (G[adUt Instt"tr of Intemaiionaj and DeYel¢)pment Studies}, He15inki, KTakOw (Jagiellonian), LeÉden. (Ktr) L¢YjvL. LisE&)n (Catholic University of Portugal). LembOUt, Madrid (Complutensex Munich {Ludwig-Maximilians-Univer5itst), Oxfor¢ Prdgue (Karlova I Charles). St Andrews in stland, Tartu and the Central Europeall Ulliv5rty in Vienna &)d BudapesL Activiti£s 2024 During the c4)urse of 2024. the Europaeum organised a wide variety of largely iTr-p¢rson seminar4 trainiDg session5 and Wblicy eveots for ptgraduate students froln its mernber universities, with a p[iary Ibut not exclusive) focus on SdY of the humanities and s(Kia] lences. The rnaTn therne5 of its wotk were.. (i) EuNTrpean history and cukn. (ll) Europ pollcy-tEkl and (iii) lie[al dem(KTW 8tKI citi7£n thgagemellt. The two principal vehicles forthe delivery of suth Europaeum's adivtties were (atMI rna]n) its twin Scholars, Programme and Core Programm¢ which together aim to help equip pOStUat¢ studellts for both academic and non-acadetnic ¢aTte in a way that supplements what the individua] member universities might otherwise bc abl¢ to providc.
THE EUROPAEUM TRUSTEES ANNUAL REPORT YEAR ENDED 31 DeCeber 2024 In 2024. the Schotrs' Progr¥znme was Tn the frst year of its fourth ts¥tryear cycle. giving 30 of Europe's ablest dociordl students, (trawn froTD Europ4 member universÈiies. the opportunty to develop new cross- cutting skills. both intellectual and practical- with a strong efflphasis on leadership- and to wot in small. rnulti- disciplinary tvdms with a view to evolving pro>Sa]S together for Ew policy initiatives. In 2024, there were four. week-IoDg mi>dules withÉn the Scholars. Progrdmme, laTgely hosted at ernber universities, which covered." (i) the launch of the twLFyear progrdn]rne and iniiial policy work (on 10-14 Mawh in Oxford): the operation of the EU iDsÉitutions and wlicy proce55 (oll 2427 June in Brussels),. Democracy in Europ¢ (on 26-29 August in Budapest). alld skil]s traipiDg and policy PToject work (on 12 D#¢mber in Krakow). In para]lel, the Europaeum's Core Programme provided in-P¢Tson opportimitie5 for postgraduate stlldts (often but not exclusively M&ster'5 sthdents) from tbc member universities to explore issues at the intersection of s¢holaT5hip and poli¢y-making. Around eight to ten CIKe Progrdmtne events are organised each yvar. rotating among member universities. These include spring, summer and winter school4 well &¥ 8D annual Brussels poltcy semiDar each autwnn designed to help thdents explore the EU wlitical system iti depth. In 2024, the Europaeum's Core Progrne cornwised the following events, largely hosted in member universities around Europe: £urop8eum Winter Scbool on 'Sttrvivallce ad Survival.. from 29 January to 2 Febnwy Tar. Europatllm SpriDg Scbool on 'Makitig sense of Turbulrnt Times.. ftom 17 to 20 April in Oxfotd: Europeum mleva1-mOd¢rn Fornm ott 'Flourisbin& Then and Now.. from 24 to 26 June in Helsinki" Eun)paeum Summer Sebool on'margitiSed HÈ5tories'. on 27 to 31 August in St Andrews; Europaeum BruueL% poliey seminar 'The Impact olElections. 2024.. from 25 tt) 27 September in EuTopaeum Classics Colloquium 'CTÉtiol ThiDking in the Classi<s' from 16 to 18 December in Berlin. Europatm Pknicipatioll in the Catholic UDiver5ity of Portupl's winter workshop on'media and Allkbivalence,, from 9 to 12 January in Lisbon" The 'EurnpaeU Debate, OD 'DemocrdCy'S Third Wave. at the Catholi¢ University of Porbjgal's Political FotThn, from 3 to 5 June iti Estoril; and The Rere Seminar Series forthe EurO¢M MA in Europen History #nd Civilisation. which from 22 April- 3 JuTh¢ Oxford.
THE EUROPAEUM TRUSTEFS AIYNUAL REPORT YEAR ENDED 31 Dtteber 2024 Fin8Dcial review The surplusl(deficit) for the year of £49,788 (2023 - £66.715) as showD ID the resetves at the year ¢n¢ has again been contrbuted to by benefxtors. The Trustees are satisfied that the cljartty has alequate resource5 lo continue in wional exislenc¢ forth¢ foresttable future. Re5erYÈs po]iey The Trustees aitn to mainthin free reserves uDre5tri¢toJ fill)ds at a level that provides sufficient funds to cover management and adrninistration and support costs and that wÈll allow the charity io rwp¢)nd to any emergency funding requireTlleDts which may arise frl ttme to tim¢ Corttingeneies licY The Trustees have cesS to p]edge5 which allow them to feel wnfident they call meet the charty's credittirs and obligations, and if necessary respthd to any emergeD¢y funding requirements which may arise frorn tirne to time. Th¢ reserves of the charity are uts"lised going forward foT the daily requirements and c4)mrnthents of the chariry. Smau eompany provisions This report has been prepared in accordance with the UAnpaDtes regÈme under the CoEDp&TJies Act 2006. Signed by order of the TTUSte¢5 . 30 May 2025 Dr Andrew Grahaln Chair of the Board of Trllstees
THE EUROPAEUM STATEMENf OF TRUSTEES, RESPONSIBILITIES YEAR ENDED 31 December 2024 The Tn]stees are responsible for preparing the aDDual report and the fmaTrcial #atements. ID accordanc¢ with applicable law and regulatioTrs. Law applicable to charities in England and Wales requires the Trustees to prepate financial ststements for each financial period. Under that law. the Trusttts have eleCd to prEpare the fmancial statements in a¢cordance with Uniied Kingdom Generally Accepted Accounting Practice Iullited Kingdom Accounting Standards attd applicable law). The fitwtcial ststements are required by ]aw ¢0 give a true and fair view of the state of affairs of the charÈty and of the surplus or deficit of the clwity forthat period. In Preparing those financial statemenL% the Tru5te¢s are required to.. select suitable Krounting lICieS and then &ppty them ¢onsistentty' make judgements wjd ]MateS that are re&wnknk and prudenL and prepare the fiDallcial statements on the going conwn basis unless it is iDappn)priate to presume that the ¢lwity will continue its activities. The TTUStees are respoT]sible for keeping proper accounting records which disclose with reasonable accuracy at any time the ftnancial position of the charity and to enable them to ensure that the r]nan¢ial statements comply with the Charities Act 2011 and the Chatitie5 (Accounts and R¢pons) RegulatiOll5 2008. The Trustees are also responsible for safeguarding the assets of the charity and l)ence for taking rea%)nable steps for the prevention and detection of fraud and other irregularities. As directors, the Trustres acknowledge their responsiTrJilities for. (i) ensuring that the CoPanY k¢¢ps pr(yper acc(xuJting record5 which compty with the Companie5 Act 2006,. {ii) preparing accounts which give a Iw¢ and fair view of the ststr of affaits of the company as at the end of the fmancial periiMI aE]d of its profit or loss for the fmancial period in accordance with the requirements of the Companies Act 2006, and which otherwise rAMnpty with the requirements of this Act re]atiDg to a¢counts, so far as applicable lo the company.
THE EUROPAEUM INDEPENDENf EXAMINER'S REPORT TO THE TRUSTEFS OF ThE EUROPAEUM YEAR ENDED 31 December 2024 Reswtive r¢spoDsibiiities ofthe Tru5t&5 and The chariws consider that an audit is not rUled forthis peTiod undff srftion 144 of the Charities A( 2011 and that an independent examinati is tte&1o1. It is my responsibility to.. examine the accounts under section 145 of th¢ 2011 Ac4 lo follow the procedures laid dowtt in the Genernl Directions gtven by the Charity Comrniioll under section 14515Kb} of the 2011- and to state whether particular matters have come to my attentio Basis of independeTrt examiner's st•lemeDt My exa]nitMtion was Carried in a¢wrdaDce with Gene Directions given by the Charity CommissioD. A ¢xarntnation tncludes a review of the acc(NJniing records kepi by the charity and a ¢omparison of the accounts pre5¢nted with those records. It also includes ¢onsideration of any unusual items or disclosuTts in the a¢¢ounts, and seeking explanations from the Tnastres concerning any such atters. The prittdures undertaken do not provide all the evidellce that would be rwuired an audiL alld CThL5equendy I do n(rt exprew an audit opinion on the account5. Indepelldettt examiner's statemeAt In the ¢ow5¢ of my ¢xamination. DO matter cotne to my attenti(Xl which gives me reas(ynable cause to believe that any material re5pecL the TTUStees have not met the require¢llts to ensure that.. proper accounting records are kq)t in xcordance with s.386 of the Companies Act 2006. and accounts are prepared which age with the unting Te¢ords and comply with the accountang requirements of the s.396 of the Companies Act 2006 and wtth the rneth(Mls alld prffiDcipks of the Statement of Recommended Practice: Accounting and Reporting" or 2. 10 which. in my opinion, attention should be drawn in Order to enable a Fwper detandll of the accounts to be reached. Lisa Kin8 of Burdett Chartered Certified Accoutttst 8 The Hamiltons Newmarket CB8 ONF 28 May 2025
THE EUROPAEUM STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 3] December 2024 rotal Funds to Total Funds to 31 December 31 December 2024 2023 Fncoming resources Incoming resources from generating funds: Voluntary In¢0e BaDk interest receivable 667.675 285 739,755 415 Totsl ineomiDg resollrtts Resourcu expellded Charitable liVI11es." teacbin& research and ac*Jernic collaboration Governance costs 667.960 740,170 (606,882) (11291b} (668,572) (4.883) Total resourets expeDded Nel ineomiDg l (otgoIng) Tesources lor tbe year (618,172) 49,788 (673,4551 66.715 Ttstsl funds brought fonvard Total fuDds carried fonwanl 415.861 349.146 405,649 415,861 The StatetlleDt of Financial Activities includ&8 all gain5 and Ioss¢5 in the period and th¢ref¢)re a statement of totsl recognised gains and 1055es has Dot been prepared. All of the above amowits relate to continuing activitie5.
THE EUROPAEUM BALANCE SHEET 31 December 21124 Ye•r ts 31 Deeember 2024 Year to 31 December 2023 Fixed assets Tangible a55ets 3.421 Current Assets Debtors Cash at bank in hand Jo 21,035 37.916 409277 470,(M)I 447.193 Creditors: AmovDts h1118 due wlthill one year {7,451) (34,753) Net current a55ets 462550 412.440 Total assets less ¢urrent liabiiili¢s 465ffi49 415.861 Net ssets 465ffi49 415.861 FUd5 12 465ffj49 415,861 Total fuDds 405ffj49 415,861 For the year ending 31 Ikcernkr 2024, the tonw&)y w&8 entitled to exemtAioD fr¢yn audit und£r 5eetion 477 of the Companies Act 2006. The members have not required the company to obtain an audtt of its accounts for the period in question in accordance with $tion 476 of the Companie5 Act 2(M)6. The TrStee &¥ directths acknowledge theirrespot)siThilities for cotllplyiDg wtth the require1nts of the Act with respect to accounting records and the preptIOn of xc(XJD The fancial statements have been prwwl in with the provisiotLS 4)plicable to small companies subject to the small companies regime alld ID a¢¥anCe with FRS 102 SORP. These statements were approved by the membas of the Committee on 30 May 2025 and are signed on theirbehalf by.. Dr Andrew Grahaln Chair of tbe Board of Trustee5. The notes oll FthgL8 10 10 13 fornb of these financial stat¢meDt&
THE EUROPAEUM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 December 2024 Aecountillg policies Basi8 of aeeouDtiDg These a¢courÉts hayc bttn prep Under the histOTical cost convention with items recogDised * cost or tr3n&wlioD value unless otherwise stated in the relevant Dotes to the accounts. The accounts have been prepared in accordance with the Financial Reporting Standard applicable tn the UK and Republic of Ireland (FRS 102) and with the Charities Aa 2011. Casb flow st#tement The Trustees have taken advantsge of the exempti(m in Financial Rqjorting Standard No l (revised) fro including a c&sh flow statement ID the fjnancial sÈat¢m¢nts on the undS that the charity is small. Fixed assets depreeiatiti All fixed assets are i01tlty recorded at COSL Ikpreciation is calculated IJD a strdight IiDe basis so as write off the cost of all asse¢ less its eMimated Te5idual value. ovtt the use1 economic lifr of that asset as follow5.. Cornputer Equipment 15YrfJ per aiiiiurn Incoillg resovrc Income from donatiOD& grdnts, serninars, l&ichiDg and other sour5 is recogllised the periDJ in which the clwity is ¢ntitled to receipt and the aOunt can be Mred with reasonable certainty. Resource5 expeDded All expenditure is included on an xcnjals basis and is recognistd when tbere i5 a legal or constrnctive obligation to pay for exp¢nditure. Expendtture has been classified under headings that aggregate a]1 costs relating to the category. Irrecoverable VAT is either charged io the appropriate expenditure heading or it is Capitalised as appropriale. Costs of charitsble activities rel&e to the work (wried out oll the core purposes of tea¢hing, research and academic collaknration. Governance costs are those c05ts incurred in connection with adrntnisÉratton in the ch&ity. complianc¢ with constitutional and statutory requirements and cosls of the strategic plaDning process. Support costs are allocatrd acrikss specific categories of expenditure mainly on the basis of time spent. Gains and losses foreign curr¢n¢y transactions ate tIclUded within the related expenditure heling. Gains and losses relating to the re-translation of forelgll curr¢ncy assets and liabilities are included in governanc¢ wsts along with interest payable. FvDd accouting Funds held by the charity are either. Unrestricted generalfunds -these are fidS which be used in accordance with the charity's obje£ts at the discr¢tion of th¢ TnESt¢¢5. DesigrlEdfrdS - these are funds set aside by the Tn]stee5 for 5pxific futhre PUTtM)ses or projects. io
THE EUROPAEUM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 Dettmber 21124 Voluntary income Yur to Year to 31 December 31 lknber 2024 2023 Subscriptions Benefaciions Seminar, teaching, granis and donations Trnisition and new strategy fi]nd 346,692 334.294 320,983 405.461 667,675 739,755 Investment ill¢ome Year to Yearto 31 Deeember 3 I Dember 21124 2023 Itttere%t on cash depLKsits 285 415 285 415 Ch8ritsble 3Ctivilies (ineL 511ppDrt eosts) Year to Year to 31 DeCeber 31 December 2024 2023 Tvaching, research aTrd aei¢ collaborntion direct (xts Staff costs Office and other support costs Bank revaluations- loss {]n} 3611,996 177.939 52J98 15,549 438,865 178,021 45.726 5,960 6116W2 668,572 Supportcosts Charitsble Year to Year to activities Governance 31 Duymber 31 Demb 2024 2023 Staff costs Office and other support costs 177,939 79.955 177.939 91245 178.021 56,569 257J94 269,184 234,590 Governance costs Year to Year tr> 31 Decernber 31 tkcember 2024 2023 Stsff costs Office and other support costs Independent examÈner's review IlJa65 925 3.983 900 11290 4,883
THE EUROPAEUM NOTES TO THE FINAf4CIAL sfATEMENIS YEAR ENDED 31 1)ecember 2024 Net outgoing resour¢fs Cor tht period This is stated after charging.. Year to 31 December 2024 Yearto31 Dember 2023 Depreciation Loss on diswl 789 789 stsireosts nd emolumeDts Total stff eosts wer¢ Is folk)ws: Year lo 31 December 2024 Yearto31 December 2023 wag salaries. pension and social sLIrIty costs 177939 178,021 rtieulars of emp]oytts: The averdge number of employe¢s duTing the year to 31 DeCeIr 2024. Calcula on the basis of full- time cquival¢nts is 4 (2023- 5). During the year Trustees expenses of £nil were Éllcurrcd and paid. No Irustee received remunernlion. Tangible fixed *ets Equipment Cost At l January 2024 Additions Disposals At 31 Detrmber 21)24 5,495 539 6,034 Depreei%tioD At l January 2024 Char8e for the period D¢pr¢¢iation on dIS}SaI At 31 December 2024 2.1174 861 2,935 Nel book value At 31 Dettmber 2024 3.099 At 31 December2023 3.421 12
THE EUROPAEUM NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 De¢¢mb¢r 2024 10. Debtors: AM0ts f•lling due within 0e year Year to 31 Dectbe 2024 Y¢arto31 2023 ACced in¢ome Debtors Prepayments 10,101 21.035 27,815 21,1135 37,916 Il. Creditors: Aonts falliDg due within one year Year to 31 December 2024 Yearto31 December 2023 DefeTred illcome Accruals Creditors 17,316 900 16,517 925 6526 7.451 900 12. Funds B8laDce lit l JaDiiary 2D24 Net iDcorning (outgoing) Trnnsfer itt the period BalaDce at 31 December 21ll4 Europaeum Scholars PrOgrat Generdl Funds 1111.638 3142Z3 89.1161 (39372) 190,698 274.951 41S861 49,788 465.649 The fimds w¢r¢ designated as support for the Eutq)a>Jm Scholars Progr&nme. Designated funds are held as cash at bank. All other assets and liabilities relate to genet31 fimd The total reserves of the charity as shown above are lI]sel] going forward for the daily requirement and conJmÈiments of the charity. 13. Cotllrnitments Land and buildings Year to 31 December 2024 Y¢artt>31 Decernber 2023 Leases expiring in less than l year Leases expiring in 1- 2 years 27,1 27.000 13