Praise be to Allah, The Lord of the Worlds.
Since the money referred to above is spent in charitable projects and not in favor of a particular individual then it isn`t liable for Zakah because it takes the ruling of endowed money and the latter isn`t liable for Zakah as it isn`t owner is not existent.
Al-Kasani, a Hanafie scholar, said, "Horses used in the way of Allah aren`t liable for Zakah because their owner is not existent, and possession is a condition of Zakah." {Bada`I al-Sanai`, 2/9}.
Moreover, Mataalib Ouli An-Nuha, a Hanbali book, reads: “……and there is no Zakah on the money whose donator advised to be spent in charity or which he advised to buy an endowment with, even if there is profit in such endowment, as its owner is not existent [probably died].” And Allah The Almighty knows the best.