Fundraising event in Tenerife, terrible (4)

I believe the answer is:

fete

'fundraising event' is the definition.
(I've seen this before)

'in tenerife terrible' is the wordplay.
'in' indicates the answer is hidden within the clue.
'FETE' is hidden within 'tenerife terrible'.

(Other definitions for fete that I've seen before include "Festival; gala" , "Outdoor festival" , "Elaborate outdoor party" , "Outdoor get-together" , "Festival, fiesta" .)

I've seen this clue in The Times.

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