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Pence and shillings raised in charity work by David (5)

Ross

I believe the answer is:

psalm

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'david' is the definition.
Both the definition and answer are singular nouns.
Perhaps there's a link between them I don't understand?

'pence and shillings raised in charity work' is the wordplay.
'pence' becomes 'p'.
'and' says to put letters next to each other.
'shillings' becomes 's' (abbreviation e.g. Lsd - pounds, shillings, pence).
'raised in charity work' becomes 'alm' (I am not sure about this - if you are sure you should believe this answer much more).
'p'+'s'+'alm'='PSALM'

'by' is the link.

Can you help me to learn more?

(Other definitions for psalm that I've seen before include "Jewish hymn" , "Sacred poem attributed to David" , "A song which praises" , "Sacred Biblical song" , "OT hymn" .)

I've seen this clue in The Times.
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