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John Lewis Partnership plc Annual Report and Accounts 2014


INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF JOHN LEWIS PARTNERSHIP PLC


Report on the financial statements What we have audited


Our opinion In our opinion:


– The financial statements, defined below, give a true and fair view of the state of the Partnership’s and of the Parent Company’s affairs as at 25 January 2014 and of the Partnership’s and Parent Company’s profit and Partnership’s cash flows for the year then ended;


– The Partnership financial statements have been properly prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union;


– The Parent Company financial statements have been properly prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006; and


– The financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the Partnership financial statements, Article 4 of the IAS Regulation.


This opinion is to be read in the context of what we say in the remainder of this report.


The Partnership financial statements and Parent Company financial statements (the “financial statements”), which are prepared by John Lewis Partnership plc, comprise:


– The consolidated balance sheet and balance sheet of the Company as at 25 January 2014;


– The consolidated income statement and statement of comprehensive expense for the year then ended;


– The consolidated and Company statements of changes in equity and consolidated statement of cash flows for the year then ended; and


– The notes to the financial statements, which include a summary of significant accounting policies and other explanatory information.


The financial reporting framework that has been applied in their preparation is applicable law and IFRS as adopted by the European Union and, as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006.


Certain disclosures required by the financial reporting framework have been presented elsewhere in the Annual Report and Accounts (the “Annual Report”), rather than in the notes to the financial statements. These are cross-referenced from the financial statements and are identified as audited.


What an audit of financial statements involves


We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) (“ISAs (UK & Ireland)”). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:


– Whether the accounting policies are appropriate to the Partnership’s and the Parent Company’s circumstances and have been consistently applied and adequately disclosed;


– The reasonableness of significant accounting estimates made by the directors; and


– The overall presentation of the financial statements.


In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.


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