That was my interpretation too. He was concerned that if he gave her money it would be spent with good intentions, but not effectively. The same goes for the community wardens project - he couldn't get a handle on what all the funding was going on, so held back.
But he went back and helped both of those projects out in terms of their management, which is effective, and I'm sure he'd be willing to give more money if he felt it was justified.
I'm also fed up with the last section being the same all of the time. It would be better if the millionaire could simply reveal that they are very well off, or something a bit less naff. It's clearly something they are all told to do, so the blame for that bit lies firmly with the producers.