Cryptic crossword clue
Terence goes round canteen drunk for anniversary 12

The most common and most likely answer to this crossword clue is the 12 letter word TERCENTENARY

T
E
R
C
E
N
T
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A
R
Y

Buddy explains!

The straight part
We know that "anniversary" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case anniversary = tercentenary.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does TERCENTENARY mean?

TERCENTENARY noun
  1. The 300th anniversary of an event
TERCENTENARY adjective
  1. Of or relative to such an anniversary, or to a span of 300 years

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