There's a bit more context from the Foundation Board Q&A at the Chapters meeting, here:
http://etherpad.wikimedia.org/wmcon12-day2-board-chapters

I am very pleased that we now have this issue settled. The argument that we collectively made to the Foundation was that we would be able to raise more money for the movement by continuing to participate in the fundraiser (mainly, but not only, via Gift Aid) and also that we would be better able to build relationships with donors, broaden our sources of funding, and potentially involve donors in editing, outreach or other aspects of our work. Wikimedia UK now has the chance to do some great things, which I'm really looking forward to!

The amount of energy this issue has consumed over the last 8 months has been immense - for me particularly, but also for many other people on the Board (and also for the Foundation and other chapters). While it's never going to go away completely, we I think this solution will work. It's a shame that the Foundation decided to decide on the arbitrary inclusion of 4 chapters rather than setting a threshold - this is not what we wanted or what we were arguing for - but this solution is definitely better than continuing arguments...

Also, it's worth pointing out that there are two other  positive outcomes of this process. Firstly the Foundation - in particular the Board - is becoming more transparent, particularly about how different Board members view different debates. Secondly, the Chapters Council has the potential to be a major step forward, and that has only gained momentum because of the ongoing fundraising debate...

*starts writing 2012 fundraising strategy*

Regards,

Chris
Wikimedia UK board

Chris