The K Foundation was an art foundation set up by Jimmy Cauty and Bill Drummond, formerly of 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 burned a million pounds in cash. The K Foundation announced a 23-year moratorium on all projects from November 1995. They further indicated that they would not speak about the burning of the million pounds during the period of this moratorium. Context In the early 1980s, British musician and artist Jimmy Cauty was the guitarist in an underachieving pop/rock band, Brilliant. Brilliant had been signed to WEA Records by A&R man Bill Drummond, formerly a member of the Liverpool group Big in Japan, the manager of The Teardrop Explodes and Echo & the Bunnymen, and co-founder of the independent record label Zoo Records. In 1986, Brilliant released their one and only album - Kiss The Lips Of Life - before splitting up. In the same year, Drummond left WEA Records to record a solo album. Whilst out walking on New Year's Day, 1987, Drummond hit upon an idea for a hip-hop record but, he said, knowing "nothing, personally, about the technology", he needed a collaborator. Drummond called Jimmy Cauty who agreed to join him in a new band called The Justified Ancients of Mu-Mu (The JAMs). The JAMs' debut release, the single "All You Need Is Love", was released as an underground white label on 9 March 1987. By 1991, the duo—now calling themselves The KLF—had become the best-selling singles band in the world and, according to the Allmusic, were "on the verge of becoming superstars". Instead, in May 1992 they machine-gunned a music industry audience at the BRIT Awards (albeit with blanks) and quit the music business. By their own account, neither Drummond nor Cauty kept any of the money that they made as The KLF; it was all ploughed back into their extravagant productions. Cauty told an Australian Big Issue writer in 2003 that all the money they made as The KLF was spent, and