Small school raised paper money (5)
I believe the answer is:
notes
'paper money' is the definition.
(I've seen this in another clue)
'small school raised' is the wordplay.
'small' becomes 's' (abbreviation - e.g. clothes size).
'school' becomes 'eton' (famous UK public school).
'raised' says the letters should be written in reverse (going up in a down clue).
's'+'eton'='seton'
'seton' back-to-front is 'NOTES'.
(Other definitions for notes that I've seen before include "Recorded summaries" , "Takes into account" , "Lines" , "Memoranda" , "Sounds" .)