Redcoat, before gaiety in Telford, spent money intended for someone else (5,4)
I believe the answer is:
trust fund
'redcoat' is the definition.
Although both the answer and definition are singular nouns, I cannot understand how they can define each other.
'before gaiety in telford spent money intended for someone else' is the wordplay.
I cannot really see how this works, but
'gaiety' could be 'fun' (I've seen this in another clue) and 'fun' is present in the answer.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for trust fund that I've seen before include "Assets held for the good of beneficiaries" , "In which money may be held" , "Reserved money" , "This money's set aside" .)