Nuisances - favourites around school (5)
I believe the answer is:
pests
'nuisances' is the definition.
(I've seen this in another clue)
'favourites around school' is the wordplay.
'favourites' becomes 'pets' ('pet' can be a synonym of 'favourite').
'around' is an insertion indicator.
'school' becomes 'S'.
'pets' going around 's' is 'PESTS'.
(Other definitions for pests that I've seen before include "Persistently annoying persons" , "Steps (anag.)" , "Take steps to troublesome animal." , "Steps taken about nuisances" .)