The Value Added Tax (Education) (No. 2) Order 1994 No. 2969

3.  For paragraph (e) of Note (1) there shall be substituted—

“(e) a body which—

(i) is precluded from distributing and does not distribute any profit it makes; and

(ii) applies any profits made from supplies of a description within this Group to the continuance or improvement of such supplies;”.