Well, it is, just not exclusively. An idea was to have Wikimedia UK pay
"chapter membership" fees to the Foundation of some not insignificant nominal level (a few thousand p.a., perhaps). Also, we could have (and help fund) joint-projects with our fellow European chapters, say to promote social learning and inter-cultural awareness (or something else both positive and good-sounding) in the EU. Yes, this is more overtly political than the Foundation does things, but we could be more pro-pedagogy than merely supplying, being more like a "pusher" than a "dealer", to use an unfortunate similie. :-)
I very much want to have an active and participatory role in the chapter. However, being a student membership costs in the order of thousands p.a. is completely infeasable. Most students (who seem to be a considerable Wikidemographic) struggle to keep alive, so would also be excluded. Unless there were extreme concessions, this would not work.
Oldak.