Tore off, having prepared award (7)
I believe the answer is:
rosette
'award' is the definition.
(type of award or prize)
'tore off having prepared' is the wordplay.
'off' indicates anagramming the letters.
'having' indicates putting letters inside.
'prepared' becomes 'set' (set up or ready).
'tore' anagrammed gives 'rote'.
'rote' enclosing 'set' is 'ROSETTE'.
(Other definitions for rosette that I've seen before include "Ribbon decoration" , "sign of support for party" , "decoration showing support for party" , "Arrangement of ribbons presented as a prize" , "To steer (anag)" .)