john-lewis-partnership-plc-annual-report-2015

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14 John Lewis Partnership plc Annual Report and Accounts 2015 Our principles The John Lewis Partnership is different to other companies because it is owned by our Partners through two Trust settlements. Together, our commitment, pride and talents as owners shape two of the UK’s greatest brands. Our business is powered by seven principles. They are at the core of our Partnership model – and this is reflected throughout the Annual Report and Accounts. As we grow, we are finding new ways to celebrate these principles and listen to each other so we remain connected to our core values. This report shows the journey we made together this year. 7 THE COMMUNITY 2 POWER 6 BUSINESS RELATIONSHIPS 1 PURPOSE 3 PROFIT 5 CUSTOMERS 4 MEMBERS
Annual Report and Accounts 2015 John Lewis Partnership plc 15 Dynamic and charismatic, Partnership Founder John Spedan Lewis had a vision for a better business that is still as relevant to the Company we are today as it was 95 years ago. Whether it’s our Partnership Council, which holds our Chairman to account (see page 96), or the Bonus we’ve just received, so much that makes the Partnership special exists because Spedan signed the business over to Partners through the 1929 and 1950 Trust Settlements. These Trust Settlements mean that the Partnership’s shares are held in trust on behalf of its Partners. THE VISION OF THE PARTNERSHIP WAS CREATED WHOLLY AND SOLELY TO MAKE THE WORLD A BIT HAPPIER AND A BIT MORE DECENT. John Spedan Lewis 1 PURPOSE The Partnership’s ultimate purpose is the happiness of all its members, through their worthwhile and satisfying employment in a successful business. Because the Partnership is owned in trust for its members, they share the responsibilities of ownership as well as its rewards – profit, knowledge and power. 2 POWER Power in the Partnership is shared between three governing authorities: the Partnership Council, the Partnership Board and the Chairman. 3 PROFIT The Partnership aims to make sufficient profit from its trading operations to sustain its commercial vitality, to finance its continued development, to distribute a share of those profits each year to its members, and to enable it to undertake other activities consistent with its ultimate purpose. 4 MEMBERS The Partnership aims to employ and retain as its members people of ability and integrity who are committed to working together and to supporting its principles. Relationships are based on mutual respect and courtesy, with as much equality between its members as differences of responsibility permit. The Partnership aims to recognise their individual contributions and reward them fairly. 5 CUSTOMERS The Partnership aims to deal honestly with its customers and secure their loyalty and trust by providing outstanding choice, value and service. 6 BUSINESS RELATIONSHIPS The Partnership aims to conduct all its business relationships with integrity and courtesy, and scrupulously to honour every business agreement. 7 THE COMMUNITY The Partnership aims to obey the spirit as well as the letter of the law and to contribute to the wellbeing of the communities where it operates. Page 22 Page 24 Page 26 Page 28 Page 30 Page 32 Page 34 Introduction Partnership difference Principles Strategy Performance Governance Financial statements
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In a nutshell... Annual Report and
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Five year financial record for the
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