High Quality Content by WIKIPEDIA articles! The K Foundation was an art foundation set up by Bill Drummond and Jimmy Cauty (The KLF) in 1993, following their `retirement` from the music industry. The Foundation served as an artistic outlet for the duo`s post-retirement KLF income. Between 1993 and 1995, they spent this money in a number of ways, including on a series of Situationist-inspired press adverts and extravagant subversions in the art world, focusing in particular on the Turner Prize. Most notoriously, when their plans to use banknotes as part of a work of art fell through, they burnt a million pounds in cash.