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

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John Lewis Partnership plc Annual Report and Accounts 2015 Introduction 1 Welcome from the Partnership Board 1 Our year in review 2 Chairman’s statement 4 A summary of our performance 5 Challenges we face 6 Our response to the changes in retail 8 The Partnership today 10 Partnership difference 12 Our principles 14 Our Partnership model 16 How we create value 18 Principles 20 Our principles in action 22 – Purpose 22 – Power 24 – Profit 26 – Members 28 – Customers 30 – Business relationships 32 – The community 34 The Group Strategic Report runs from pages 1 to 81. Strategy 36 Our Partnership Aims 38 Our Divisional strategies 40 – Waitrose 40 – John Lewis 41 Managing our Partnership risks 42 Our principal risks and mitigations 45 Performance 48 Partnership performance 50 Waitrose performance 60 John Lewis performance 68 Partnership Services performance 76 Group performance 77 Our key financial performance indicators 78 Governance 82 Our governance approach 84 Our Partnership Board members 94 The Partnership Council report 96 Chairman’s Nominations Committee report 100 Audit and Risk Committee report 104 Remuneration Committee report 110 Directors’ report 116 Financial statements 120 Consolidated primary statements 122 Notes to the consolidated financial statements 126 Company primary statements and notes 164 Statement of Directors’ responsibilities 169 Independent auditors’ report (PwC) 170 Five year financial record 177 Independent assurance statement (DNV) 178 Notice of AGM 179 Notes 180 General information Find out more 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.
Annual Report and Accounts 2015 John Lewis Partnership plc 1 it’s your business it’s your year Our seven principles are at the heart of our business. They define us, make us stronger and help us succeed as an employee-owned business – one that believes in a purpose greater than profit. So this year, we’ve put them at the heart of our Annual Report and Accounts. Knowledge is one of the fundamental rights and responsibilities of ownership, alongside profit and power. As owners, it’s vital that we know our business if we are to improve it, particularly in what are challenging trading conditions. In this year’s report we start with our trading performance (page 3), explore our purpose and principles (page 12), how that informs our strategy (page 36), before returning to our performance in more depth (page 48 onwards). The second half of the report covers our governance and financial statements. So, as Partners, it’s critical we all make the time to read this report. It will help us understand how we performed last year and the challenges we face to improve performance and profitability. Sections such as ‘Our response to the changes in retail’ on page 8 bring to life the nature of those challenges and how we must respond. This report is designed for Partners and those interested in the Partnership. Whether you are one of our valued customers, potential Partners, suppliers, investors, a journalist or simply someone interested in our business, this report is for you. We hope it will help you understand our Partnership better. The Partnership Board Introduction Partnership difference Principles Strategy Performance Governance Financial statements
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In a nutshell... Annual Report and
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Statement of Directors responsibili
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Five year financial record for the
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