The BBC is reporting that an investigation has begun into the trust which ran a special needs school in Hampshire.
The Charity Commission has opened a statutory inquiry into Stanbridge Earls School Trust.
The school near Romsey closed in 2014 following allegations of sexual assault between pupils.
The inquiry will look at the trustees legal duties, management and responsibilities as well as their record-keeping procedures.
The independent regulator of charities will not re-examine specific allegations of abuse and/or safeguarding incidents, it said.
A serious case review found the school failed to protect some of its vulnerable girls.
The £40,000-a-year school mixed-sex school taught 191 boarding and day pupils aged from 10 to 19.
The charity is no longer operating and went into administration in September 2013.
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