Father Time has one, but can carry many! (5)

I believe the answer is:

beard

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'father time has one but' is the definition.
I can't tell whether this defines the answer.

'carry many' is the wordplay.
'carry' becomes 'bear' (bear can mean to transport or carry).
'many' becomes 'd'.
'bear'+'d'='BEARD'

'can' acts as a link.

Can you help me to learn more?

(Other definitions for beard that I've seen before include "Facial growth" , "Vandyke, perhaps" , "Whiskers" , "hair extension" , "SECOND PART OF 14" .)

I've seen this clue in the Evening Standard.

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