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In the 19 years Kids Company has been running, it has received £37 million in public money.
In 2012, the Department for Education raised serious concerns about the charity's finances. But it continued to receive funds, including a £3 million grant last week, just before the charity's closure.
David Cameron said ministers overruled civil servants advice to withhold funding to approve the grant to give the charity a "second chance".
But the charity's founder, Camila Batmanghelidjh said she believed the government didn't want the charity to go under before the election because it wouldn't look good.
She emphatically denies any wrongdoing but her charity and its links with the government are now the focus of attention.
ITV News Correspondent, Neil Connery reports:
Founder of Kids Company Camila Batmanghelidjh hit back at David Cameron who defended his decision today to give a £3 million government grant to the charity which closed this week.
In an interview with ITV News, Ms Batmanghelidjh said that she didn't see the money as a "second chance" for the charity and said it should be a commitment to the welfare of young people.
She said: "I didn't ask for a second chance, I asked for the rights of these children to care and safety to be honoured. Any money that is given to Kids Company is not given for the welfare of the organisation, it's given for the welfare of these children."
A web page has been set up with details of other youth services following the sudden closure of Kids Company.
London Youth, a network of 400 youth organisations across the capital, have published a list of organisations that offer support to children and young people.
It follows crisis talks on Wednesday between government officials and charity groups to draw up emergency plans to signpost young people to other local services.
Supporters and staff from Kids Company marched to Downing Street in protest of the closure of the charity.
But the blame game over why the South London charity collapsed continues.
Joan Woolard, who gave £200,000 from the sale of her house to Kids Company, said that she wants the money back and said that she, and everyone who has donated, has been "cheated".
ITV News Correspondent, Neil Connery reports:
A drop-in centre run by Kids Company in Bristol will remain open for the next month with funding from the city council.
The Island in Silver Street was working with around 200 young people when Kids Company closed on Wednesday.
Bristol City Council announced today it has commissioned Creative Youth Network to run the service for the next four weeks, employing nine former Kids Company staff.
Kids Company founder, Camila Batmanghelidjh said that the reason behind the charity's collapse was "much more complicated than people think".
She insisted that allegations that sexual abuse complaints at the South London charity were not dealt with properly were "invalid" but said that she took responsibility for not making enough money for the charity to continue.
Criticising the government's record on child protection, she added: "Three quarters of their child protection departments that have been inspected have been declared unfit for purpose. I didn't run those, the government runs those."
Earlier at a Downing Street protest in support of Kids Company, the crowd went into a frenzy when Ms Batmanghelidjh arrived to show her support.
Supporters dashed across the road to hug and speak to her, shouting "we love you Camilla, we love you".
Joan Woolard gave £200,000 from the sale of her house to Kids Company.
She was among those who raised questions about the charity.
Speaking of its founder, Camila Batmanghelidjh, she said, "I trusted her implicitly".
Supporters of Kids Company said they are confused and angry about how the government have forced the charity to close.
A supporter during a protest march from Camberwell in south London to Downing Street told ITV News the charity did everything the government asked of them, and said the CEO Camila Batmanghelidjh showed "absolute commitment" to the charity, and did as much as she could to save the organisation.
Supporters of Kids Company, the south London charity for young people that closed this week amid allegations of financial impropriety, marched from Camberwell in south London to Downing Street.
Arriving at Downing Street, the crowd shouted through the gates demanding that charity be allowed to remain open.
David Cameron has defended the decision to give a £3 million Government grant to Kids Company against the advice of civil servants, insisting it was the "right thing to do" to give the charity "one last chance".
He said: "I think the Government was right to say let's have one last go at trying to keep this charity going given the excellent work it has done for so many young people."
"I'm sad that this charity that has done brilliant work with young children has come to an end," he added. "The most important thing now is that we look after the young children that Kids Company was helping."
Latest ITV News reports
The founder of Kids Company has denied that the charity failed to handle allegations of sexual abuse.
Jodie Alexis, one of the thousands of people who the charity supports, explains why she is so affected by its closure.