The Kevin Spacey Foundation is set to be shut down following the sexual assault allegations made against the star.

The 58-year-old disgraced actor was accused of several counts of sexual misconduct late last year, and it has now been revealed that his charitable foundation - which aimed to encourage young people in the performing arts - will close on Wednesday (28.02.18) after keeping the organisation running is ''no longer viable''.

A statement released on the foundation's website kevinspaceyfoundation.org read: ''The Trustees have reached the conclusion that the work of the Kevin Spacey Foundation UK is no longer viable and as such the Foundation will be closing on the 28 February 2018.

''The Trustees would like to thank all their partners, artists and organisations for the great work that has been done in association with the Foundation.

''The Trustees hope that the objects of the charity will be taken forward by other organisations.''

The Kevin Spacey Foundation was officially founded in 2008 in London, during the former 'House of Cards' star's tenure as artistic director of the Old Vic theatre in the English capital from 2004 to 2015.

The organisation worked with young people in film, theatre and dance, offering scholarships and awards, mentorships and educational programs for emerging talent.

Kevin first faced allegations of sexual harassment in October when actor Anthony Rapp accused the star of having made inappropriate advances toward him when Rapp was a teenager.

In response to the allegations, Kevin claimed in a statement that he had no memory of the alleged encounter, and also used his message to publicly come out as gay.

He said at the time: ''I have a lot of respect and admiration for Anthony Rapp as an actor. I'm beyond horrified to hear his story. I honestly do not remember the encounter, it would have been over 30 years ago. But if I did behave as he describes, I owe him the sincerest apology for what would have been deeply inappropriate drunken behaviour, and I am sorry for the feelings he describes having carried with him all these years.

''This story has encouraged me to address other things about my life. I know that there are stories out there about me and that some have been fuelled by the fact that I have been so protective of my privacy. As those closes to me know, in my life, I have had relationships with both men and women. I have loved and had romantic relationships with men throughout my life, and I choose now to live as a gay man. I want to deal with this honestly and openly and that starts with examining my own behaviour.''