{"id":5922,"date":"2025-04-30T16:02:45","date_gmt":"2025-04-30T15:02:45","guid":{"rendered":"https:\/\/ea3affd7216562748ff1dc1f0fe50ac6\/?p=5922"},"modified":"2025-04-30T16:02:45","modified_gmt":"2025-04-30T15:02:45","slug":"75-years-of-the-partnerships-second-trust-settlement","status":"publish","type":"post","link":"https:\/\/www.jlpjobs.com\/blog\/75-years-of-the-partnerships-second-trust-settlement\/","title":{"rendered":"75 Years of the Partnership&#8217;s Second Trust Settlement"},"content":{"rendered":"\n<section class=\"b__text__block l__space white\" id=\"block-1-text-block\">\n\t\t<div class=\"l__container\">\n\t\t<p class=\"wrex-content-body wrex-text-align-start\">On Saturday 26th April, we marked 75-years since John Spedan Lewis, the Partnership\u2019s Founder, signed the Second Trust Settlement, which transferred ownership of the business to Partners, cementing the co-ownership model we know today.<\/p>\n<p class=\"wrex-content-body wrex-text-align-start\">The Settlement came into effect on 26 April 1950, 21 years after the First Trust Settlement, which saw Spedan transfer shares in John Lewis, Peter Jones and Odney to trustees. Any profits were to pass straight to the trustees for distribution among the employees, rather than to himself, and established the John Lewis Partnership. The Second Trust Settlement saw him transfer all his remaining shares and hand ultimate control to a new company, John Lewis Partnership Trust Limited, whose trustees include the Chairman, Deputy Chairman and the three Trustees of the Constitution.<\/p>\n<p class=\"wrex-content-body wrex-text-align-start\">\u201cThe Second Trust Settlement marks the moment that, at 21 years of age, and after facing into years of wartime difficulties, the Partnership experiment was entering maturity,\u201d explains Imogen Livesley, Partnership Archivist. \u201cThe Settlement stands as an extraordinary gift to Partners and serves as Spedan\u2019s swansong in his career-long endeavour to create Partnership for All.\u201d<\/p>\n<p class=\"wrex-content-body wrex-text-align-start\">Today, Spedan\u2019s vision is expressed by the phrase <span class=\"lumx-link__content\">\u2018<strong class=\"wrex-content-bold\">We All Own It<\/strong><\/span>\u2019, which defines the Partner Difference and what makes being a Partner in our co-owned business special.<\/p>\n<p class=\"wrex-content-body wrex-text-align-start\">Speaking to the <em>Gazette<\/em> (our weekly internal publication), Johnny Aisher, Trustee, alongside Trustees Baiju Naik and Matthew Street, added: \u201cIt is a wonderful testament to Spedan\u2019s vision that his experiment has lasted so long and is increasingly inspiring other businesses to adopt similar co-ownership models. It\u2019s also brilliant that, as with our Elected Directors, any Partner can stand to be a Trustee and share the privilege of protecting what we have so fortunately inherited for those hundreds of thousands of Partners who will come after us.\u201d<\/p>\n<h3 class=\"wrex-content-body wrex-text-align-start\">The Partnership\u2019s Second Trust Settlement: Five Facts<\/h3>\n<p>&nbsp;<\/p>\n<ul class=\"wrex-content-unordered-list\">\n<li class=\"wrex-content-list-item\">\n<p class=\"wrex-content-body wrex-text-align-start\">The Second Trust Settlement was seven years in the making.<\/p>\n<\/li>\n<li class=\"wrex-content-list-item\">\n<p class=\"wrex-content-body wrex-text-align-start\">It was signed in the boardroom at 35 Cavendish Square, London.<\/p>\n<\/li>\n<li class=\"wrex-content-list-item\">\n<p class=\"wrex-content-body wrex-text-align-start\">Enid Lockett, who was instrumental in its creation, was an early female lawyer, and the first female barrister to be instructed in a murder case in the UK.<\/p>\n<\/li>\n<li class=\"wrex-content-list-item\">\n<p class=\"wrex-content-body wrex-text-align-start\">Enid addressed Central Council, saying: \u201cThe Partnership now in essence and in fact belongs to all employed in it, and in return for this gift the Chairman has received not one penny. Its future success depends on all who work in it and thereby own it\u201d (reported in the <em class=\"wrex-content-italic\">Gazette<\/em> on 24 June 1950).<\/p>\n<\/li>\n<li class=\"wrex-content-list-item\">\n<p class=\"wrex-content-body wrex-text-align-start\">It was calculated that the 12,000 Deferred Ordinary Shares that Spedan signed over were worth over \u00a3100,000, which is roughly around \u00a33 million today.<\/p>\n<\/li>\n<\/ul>\n\n\t\t\t<\/div>\n<\/section>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"681\" src=\"https:\/\/www.jlpjobs.com\/wp-content\/uploads\/2025\/04\/Screen-Shot-2025-04-30-at-15.49.46-1024x681.png\" alt=\"Black and white portrait image of Spedan Lewis, found of the John Lewis Partnership\" class=\"wp-image-5923\" srcset=\"https:\/\/www.jlpjobs.com\/wp-content\/uploads\/2025\/04\/Screen-Shot-2025-04-30-at-15.49.46-1024x681.png 1024w, https:\/\/www.jlpjobs.com\/wp-content\/uploads\/2025\/04\/Screen-Shot-2025-04-30-at-15.49.46-300x199.png 300w, https:\/\/www.jlpjobs.com\/wp-content\/uploads\/2025\/04\/Screen-Shot-2025-04-30-at-15.49.46-768x511.png 768w, https:\/\/www.jlpjobs.com\/wp-content\/uploads\/2025\/04\/Screen-Shot-2025-04-30-at-15.49.46.png 1414w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":16,"featured_media":2762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1,354],"tags":[389,391,392,432,463],"class_list":["post-5922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","category-partnership-news","tag-business","tag-partners","tag-ownership","tag-purpose","tag-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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