Crossword Genius

Earmark made by telephone receiver (4-5)

Ross

I believe the answer is:

ring-fence

I'm a little stuck... Click here to teach me more about this clue!

'earmark' is the definition.
I know nothing about this answer so I cannot tell whether it can be defined by this definition.

'by telephone receiver' is the wordplay.
'by' is a charade indicator (letters next to each other).
'telephone' becomes 'ring' (synonyms).
'receiver' becomes 'fence' (I've seen this before).
'ring' next to 'fence' is 'RING-FENCE'.

'made' acts as a link.

Can you help me to learn more?

(Other definitions for ring-fence that I've seen before include "Enclose with a barrier" , "estate security" , "Barrier completely enclosing an area of land" , "Complete barrier" , "Allocate (funds) to one purpose" .)

I've seen this clue in The Sunday Times.
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