Despite The KLF's retirement from the music business, Drummond's involvement with Jimmy Cauty was far from over. In 1993, the pair regrouped as the K Foundation, ostensibly a foundation for the arts. They established the K Foundation art award for the ""worst" artist of the year". The award, worth £40,000, was presented to Rachel Whiteread on 23 November 1993 outside London's Tate Gallery. Ms Whiteread had just accepted the £20,000 1993 Turner Prize award for best British Contemporary artist inside the gallery. The K Foundation award attracted huge interest from the British broadsheet newspapers.