Annual £10,000-a-ticket hedge-fund gala where Madonna sang as a guest and raised £100million for charity is put on ice Dinner was attended by the Duke and Duchess of Cambridge last year Charity event has raised £100m for good causes over the last decade Bill Clinton, Sir Philip Green and Holly Valance have all attended in the past With the Krug champagne flowing freely, it was the ultimate lavish party for hedge fund managers. But the £10,000-a-head Ark gala dinner which attracted an enviable celebrity crowd and leading figures from the financial services industry has been cancelled. As the economy struggles to grow its way out of recession the charity event - which was one of the ultimate symbols of the age of excess - has been cancelled. Charity fundraiser: William and Kate attend the lavish Ark gala dinner in 2011 which raises millions annually for the Ark charity - but has come to be a symbol of excess Over the last decade, the event which Madonna once sang at, has raised more than £100million for charity. The Duke and Duchess of Cambridge attended the party last year as the event, held in a marquee in Kensington Palace Gardens, raised £14.5million. Other guests at last year's party included Holly Valance, Jemima Khan, former athlete Denise Lewis and model Eva Herzigova. Organisers are thought to have considered that the lavish dinner appears out of step with society in the current economic climate when they decided to call it off this year. Three years ago the starter was lobster with guacamole - with the dish dressed up as a baby. The meal arrived at the tables in prams which were pushed by nurses. And the former Eurostar terminal at London Waterloo was done up to look like a woodland grove for the evening. Old Hollywood glamour: Holly Valance opted for a plunging claret dress as she joins fiancé Nick Candy at the ARK Gala Dinner at Kensington Palace Gardens last summer Celebrity: Liz Hurley, left, and Holly Valance attend the annual charity dinner in 2011 Organiser: Arpad Busson, left, who is the brainchild behind the annual party with the Duke and Duchess of Cambridge Ticket sales raised money for the Absolute Return for Kids (Ark) charity, which work to protect and help children around the world through education and healthcare. They sponsor 18 academy schools in Britain and have worked to improve health in sub-Saharan Africa and child protection in Eastern Europe. The charity claim to have helped 430,000 children worldwide since they were formed in 2002. Although Ark have confirmed the charity fundraiser is not happening this year, it may yet be back in the future. The lavish event was organised by Swiss hedge fund manager Arpad Busson. Model behaviour: Eva Herzigova shimmered in a black sequinned fitted dress at last year's event Glittering crowd: Jemima Khan, left attends the 2011 party while Charlotte Church, right, attends the 2002 event which was held in Cardiff Model behaviour: Eva Herzigova shimmered in a black sequinned fitted dress at last year's event. With no dinner planned for this year, it may be the last one ever The success of the dinner peaked in 2007 - just before the financial crash - when they raised £26.6million in 2007. Bill Clinton delivered the opening speech that year, Madonna and Prince gave life performances, and one of the experiences auctioned off was a private dinner with former Soviet leader Mikhail Gorbachev. A spokesman for Ark said they did not know if the dinner would be held again. 'We are taking a pause for breath and we don't know how long that pause lasts. We have been focusing on other ways of raising money,' he told the Financial Times. Since the first event was held in 2002, the annual parties have raised more than £100million for charity. Other guests in the past have included Elizabeth Murdoch, Sir Philip Green, Boris Johnson, Tara Palmer-Tomkinson, Liz Hurley, Sophie Dahl and Tracey Emin. Going green: Jemima Khan wore a jade dress with an embroidered cape (left), while socialite Heather Kerzner wore a cowl necked pistachio-coloured number at last year's event