John Lewis Partnership plc Annual Report and Accounts 2014


CONTENTS


THE JOHN LEWIS PARTNERSHIP Chairman’s introduction The John Lewis Partnership Our story


Our Partnership model


Our Partnership model in action How we create value


Our Partnership strategy Our Partners


Our sustainability highlights The bigger picture


OUR PERFORMANCE Chairman’s statement Highlights and challenges Key performance indicators Group performance Waitrose performance John Lewis performance


GOVERNANCE


1 2 4 6 8


10 12 14 18 20 22 23 25 26 30 32 36


Partnership Services and Corporate performance 40 Factors affecting future performance Principal risks and uncertainties Key Partnership risks and mitigations


41 46 48


The Group Strategic Report runs from pages 1 to 49. You can see our


Sustainability Review 2014 online www.johnlewispartnership.co.uk


Our governance approach


Our Partnership Board members The Partnership Council Report


Chairman’s Nominations Committee Report Audit and Risk Committee Report Remuneration Report Directors’ Report


FINANCIAL STATEMENTS Consolidated income statement


Consolidated statement of comprehensive expense Consolidated balance sheet


Consolidated statement of changes in equity Consolidated statement of cash flows


Notes to the consolidated financial statements Company financial statements


Notes to the company financial statements Statement of Directors’ responsibilities Independent auditors’ report Retail branches Notice of AGM


General information Notes


50 51 62 64 68 70 74 78 80 81 81 82 83 84 85


117 119 121 122 128 130 131 132


Tell us what you think


Our Annual Report and Accounts is all about our Partners. And we’d like your feedback on it. www.johnlewispartnership.co.uk/meta/contact-us.html

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