Cracked globe returned by King Edward, initially (5)
I believe the answer is:
broke
'cracked' is the definition.
'globe returned by king edward initially' is the wordplay.
'globe' becomes 'orb' (synonyms).
'returned' is a reversal indicator.
'by' means one lot of letters go next to another.
'initially' indicates taking the first letters.
The first letters of 'king edward' is 'ke'.
'orb' written backwards gives 'bro'.
'bro'+'ke'='BROKE'
(Other definitions for broke that I've seen before include "See 19" , "Lacking funds" , "With completely empty pockets" , "Skint" , "Impecunious" .)