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How we are governed
Hanover has the aim of providing excellent properties and management services that support independence and individuality for older people and is made up of the following organisations:
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Hanover Housing Association – the parent organisation of Hanover, registered social landlord (RSL), not for profit exempt charity registered as an industrial and provident society
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Hanover Property Management Limited – is a wholly owned subsidiary of Hanover Housing Association but is not a housing association. It was formed as a commerical company to undertake management of home ownersip properties
Hanover is governed by a board that is responsible for policy, strategy, long term planning and ensuring that the organisation is well run.
Regulation
As a housing association, our main regulator is the Tenant Services Authority (TSA) which assesses our performance under a number of headings. You can see our current assessment on the Tenant Services Authority’s website.
Some Questions and Answers
What does ‘not for profit’ mean?
This means that any profits made cannot be distributed to the shareholders or owners of the business but must be reinvested towards the organisation’s social goals. Not for profit organisations need to make profits or surpluses in order to remain financially viable but those profits go towards future services and not to pay dividends.
Is Hanover Housing Association a charity?
Yes but we are not a registered charity. Although we are a charity and are subject to charity law, and HM Revenue & Customs recognise us as such, we are exempt from registration with the Charity Commission (an exempt charity). Instead our rules, which establish us for public benefit, mean that our activities are charitable.
Is Hanover Housing Association a company?
No, we are an Industrial & Provident Society which is a different form of corporate entity from a company. There are thousands of such bodies in the UK, probably the most well known is BUPA. As an Industrial & Provident Society, we are registered with the Registrar of Friendly Societies, part of the Financial Services Authority.
Do you have any shareholders?
Yes, Hanover Housing Association has shareholders but they may not share in our profits. Our shares cannot be traded and have a nominal value of £1. No individual can hold more than one of our shares. Shareholders have the formal function of appointing the Board, approving the annual report and accounts and approving major constitutional changes.
Why are you called Hanover?
We are named after Hanover Gate (the West Gate into London’s Regent’s Park) where our first Board meetings were held in 1963.
