Student leader gets ice cream and cake (5)
I believe the answer is:
scone
'cake' is the definition.
(scone is a type of cake)
'student leader gets ice cream' is the wordplay.
'leader' says to take the initial letters.
'gets' is a charade indicator (letters next to each other).
'ice cream' becomes 'cone' (cone can refer to an ice cream cone).
The first letter of 'student' is 's'.
's'+'cone'='SCONE'
'and' is the link.
(Other definitions for scone that I've seen before include "Scottish location" , "Plain teatime cake" , "tea time treat" , "Accompaniment for tea" , "Plain cake (for Scottish kings?)" .)