Exercise around meadow and fold (5)
I believe the answer is:
pleat
'fold' is the definition.
(I know that pleat is a type of fold)
'exercise around meadow' is the wordplay.
'exercise' becomes 'PT' (Physical Training).
'around' is an insertion indicator.
'meadow' becomes 'lea' (a lea is a grassy area).
'pt' placed around 'lea' is 'PLEAT'.
'and' is the link.
(Other definitions for pleat that I've seen before include "that's tailor-made" , "Fold in material" , "Gather" , "Fold in a skirt" , "Fold in clothing" .)