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John Lewis Partnership plc Annual Report and Accounts 2015


Introduction


Welcome from the Partnership Board Our year in review Chairman’s statement


A summary of our performance Challenges we face


Our response to the changes in retail The Partnership today


Partnership difference Our principles


Our Partnership model How we create value


Principles


Our principles in action – Purpose – Power – Profit


– Members – Customers


– Business relationships – The community


The Group Strategic Report runs from pages 1 to 81.


1 1 2 4 5 6 8


10 Performance


12 14 16 18


20 22 22 24 26 28 30 32 34


Partnership performance Waitrose performance John Lewis performance


Partnership Services performance Group performance


Our key financial performance indicators


48 50 60 68 76 77


78


Strategy


Our Partnership Aims Our Divisional strategies – Waitrose – John Lewis


Managing our Partnership risks Our principal risks and mitigations


36 38 40 40 41 42 45


Governance Our governance approach


Our Partnership Board members The Partnership Council report


Chairman’s Nominations Committee report


Audit and Risk Committee report Remuneration Committee report Directors’ report


Financial statements Consolidated primary statements


Notes to the consolidated financial statements


Company primary statements and notes


Statement of Directors’ responsibilities


Independent auditors’ report (PwC) Five year financial record


Independent assurance statement (DNV)


Notice of AGM Notes


General information Find out more


82 84 94 96


100 104 110 116


120 122


126 164


169 170 177


178 179 180 IBC BC


An update on our reporting journey


For the first time, we are combining our Annual Report and Sustainability Review information into one document, reflecting the way in which we do business. Additional performance statistics can be found online


www.johnlewispartnership.co.uk


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


52 v 53 weeks?


The Partnership’s year end is always the last Saturday in January.


Usually we have a 52 week year but this year it is 53 weeks. The 2014/15 year-on-year financial movements have been presented on a 52 week basis so that they are comparable with earlier periods, unless indicated otherwise. This has been done to provide a more consistent comparison and meaningful understanding of this year’s financial performance.

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