London's hedge fund community proved emphatically that their infamous spending power has survived the financial crisis by raising millions of pounds for charity at the industry's annual Ark dinner.

Last night's hedge fund extravaganza, the annual Ark fundraising dinner, had it all: celebrities, big-spending hedgies, even a touch of irony. Given what has happened to the industry over the past two years there must have been a wry smile on someone's face when the decision was made to hold the bash at Waterloo − the station that is.

More than 900 traders, managers and bankers were joined at the event by celebrities including "it girl" Tara Palmer-Tompkinson, BBC Top Gear presenter Jeremy Clarkson and retail tycoon Sir Tom Hunter.

The dinner was staged at the disused international terminal at Waterloo station, which hosted two Orient Express trains for the evening.

Diners, including Stanley Fink of International Standard Asset Management and Ian Wace of Marshall Wace, enjoyed 28-day aged fillet of Irish longhorn beef or black cod glazed with sweet okasan white miso. Tables of 10 cost up to £100,000.

The guests were entertained by sensational soprano Keedie and saxophonist Julian Smith from ITV's Britain's Got Talent.

The event was organised by Absolute Return for Kids (Ark), a children's charity set up by Arpad "Arki'' Busson, the French financier married to actress Uma Thurman.

It was supposed to be more low-key this year to reflect the financial difficulties but celebrities turned out again to encourage the traders to spend. Nelson Mandela had written a note of support.

Raffle tickets cost an extra £5,000. Prizes included five Fiat 500s hand-painted by Damien Hirst. One auction lot included a jaunt for 12 aboard Mark Getty's yacht Talitha. Another was a trip for 27 people to Sir Richard Branson's Necker Island, the lot included dinner with Sir Richard.

The big spending hedgies were also bidding for trips to St Moritz, and, intriguingly, a shooting trip to Mulgrave Castle in Yorkshire. Private equity queen Amanda Staveley, the woman who organised Barclays' Middle East bailout, picked up this little gem for £280,000. For that price she gets to invite 16 guests to the castle for pheasant and partridge shooting by day and entertainment by soprano Keedie Babb by night. She even gets to wear a hand-tailored shooting suit from Huntsman of Savile Row and a Rolex Daytona watch, both of which were thrown in the with the lot. Who will she invite on her weekend? Ex-boyfriend Prince Andrew isn't adverse to a bit of shooting

Other prizes included a Ferrari-hosted trip to the paddock at the Monaco Grand Prix and an engine part signed by Michael Schumacher.

The dinner, held for the past seven years, has turned into one of the biggest fund-raisers in the world. Three years ago, the guests raised a record-breaking £28m. In total, the event has raised £120m for Ark in seven years. This has been ploughed into six inner-city "academy'' schools in the UK.

The Head & Neck Cancer Research Trust is holding an evening of cocktails, music and magic on 30 June 2009 at College Gardens, Westminster Abbey.

Guests will be entertained by the bewitching, enchanting opera singer Keedie, and by world-renowned Inner Magic Circle members Ivor Cole and John Derris.

• Tuesday 30 June, 6.30pm

• Carriages: 9.45pm

• Dress: lounge suits

• Tickets: £35