Five time gold medalist Ian Thorpe has pulled the plug on his Aboriginal education charity following  funding cuts from the Federal government. The decision to terminate the Fountain for Youth charity was revealed in a letter from Thorpe and the company chief executive, Jeff McMullen. He claims budget cuts took a 'devastating' toll, despite the literacy program of the company being hailed as a success story, reports The West Australian. Scroll down for video . Cathy Freeman and Ian Thorpe pose at the Ian Thorpe Foundation event on November 2010. Thorpe claims the indigenous budget cuts introduced by the Abbott government in 2014 had a devastating effect on his charity the Fountain for Youth, which was liquidated last week . Thorpe said he is planning to continue mentoring high-school students and improving education in indigenous towns . Australian Securities and Investments Commission records show the company was liquidated last week. Thorpe founded the charity in 2000 to improve indigenous literacy and health in remote areas. In an interview with Michael Parkinson last year, he said the company was 'starting to see results'. In 2012, Thorpe was granted the the prestigious Human Rights Medal for his work with the Fountain for Youth charity. The Gillard Government had previously listed the charity on their website as an outstanding success. But in March last year the Abbott Government announced $534 million will be cut from Indigenous programs. Ian Thorpe at the 2013 Human Rights Awards. He was granted the medal in 2012 for his role in establishing the Fountain forYouth . A thank you message on the Fountain for Youth website to those who supported the charity throughout its fifteen years in operation . In the letter from Thorpe, he announced the they were planning to continue mentoring high-school students and improving education in indigenous towns. 'Ironically, as the devastating indigenous education cuts began around the end of 2012, the Literacy Empowerment Project was being hailed on the Federal government's own website as an outstanding success,' they said. 'Many years of sharp Budget cuts to indigenous education programs and organisations have convinced us we must work directly with our Aboriginal partners and not compete for the meagre funding available from public and corporate donations.' The Fountain Of Youth website displays a thank you message to those who supported the charity throughout its fifteen years in operation. Daily Mail Australia has contacted the former manager of the Fountain for Youth but they were unavailable for comment at the time of publication.
Ian Thorpe's Fountain of Youth charity was liquidated last week .
The Abbott Government has cut $534 million  from Indigenous programs .
Thorpe said the cuts had a 'devastating' effect on the company .
The charity had previously been hailed as an oustanding success story .
Five time gold medalist Ian Thorpe has pulled the plug on his Aboriginal education charity following  funding cuts from the Federal government. The decision to terminate the Fountain for Youth charity was revealed in a letter from Thorpe and the company chief executive, Jeff McMullen. He claims budget cuts took a 'devastating' toll, despite the literacy program of the company being hailed as a success story, reports The West Australian. Scroll down for video . Cathy Freeman and Ian Thorpe pose at the Ian Thorpe Foundation event on November 2010. Thorpe claims the indigenous budget cuts introduced by the Abbott government in 2014 had a devastating effect on his charity the Fountain for Youth, which was liquidated last week . Thorpe said he is planning to continue mentoring high-school students and improving education in indigenous towns . Australian Securities and Investments Commission records show the company was liquidated last week. Thorpe founded the charity in 2000 to improve indigenous literacy and health in remote areas. In an interview with Michael Parkinson last year, he said the company was 'starting to see results'. In 2012, Thorpe was granted the the prestigious Human Rights Medal for his work with the Fountain for Youth charity. The Gillard Government had previously listed the charity on their website as an outstanding success. But in March last year the Abbott Government announced $534 million will be cut from Indigenous programs. Ian Thorpe at the 2013 Human Rights Awards. He was granted the medal in 2012 for his role in establishing the Fountain forYouth . A thank you message on the Fountain for Youth website to those who supported the charity throughout its fifteen years in operation . In the letter from Thorpe, he announced the they were planning to continue mentoring high-school students and improving education in indigenous towns. 'Ironically, as the devastating indigenous education cuts began around the end of 2012, the Literacy Empowerment Project was being hailed on the Federal government's own website as an outstanding success,' they said. 'Many years of sharp Budget cuts to indigenous education programs and organisations have convinced us we must work directly with our Aboriginal partners and not compete for the meagre funding available from public and corporate donations.' The Fountain Of Youth website displays a thank you message to those who supported the charity throughout its fifteen years in operation. Daily Mail Australia has contacted the former manager of the Fountain for Youth but they were unavailable for comment at the time of publication.
Fountain for Youth charity was revealed in a program of the company being hailed as a success for Youth, which was liquidated last week . charity. The Gillard Government had previously Abbott Government announced $534 million will be cut from Indigenous programs. Ian Thorpe at the Project was being hailed on the Federal