Yes, there's a facility in QBO to cater for your situation, @Rosa3. You can use class tracking to help you track the funds for your project from different sources. 

First, make sure to turn on the Projects feature as shared by HoneyLynn_G above. Then, create the project name of the event. 

Second, let's enable the class tracking feature from the settings. This lets you categorize your accounting transactions. I'll guide you how. 

1. Go to the Settings (Gear) icon at the upper right. 
2. Select Account and Settings.
3. Choose Advanced.
4. In the Categories section, click the Pencil (Edit) icon. 
5. Select the Track classes checkbox.
6. Choose Save.
7. Hit Done.

Third, set up classes for your different sources, such as local authority or local business. Here's how: 

1. Go to the Settings (Gear) icon at the upper right. 
2. Select All Lists under Lists. 
3. Choose Classes.
4. Click New.
5. Enter the name of a fund in the Name field, such as  local authority. 
6. Hit Save.
7. Repeat the process for your other sources of fund. 

The screenshot below shows you the fourth to sixth steps. 

Fourth, let's go to Projects from the left menu and select the event. Then, choose a fund transaction, such as invoice, in the Add to project drop-down. Enter the necessary details. You can choose the appropriate class in the Class field as seen in the screenshot below. Just repeat the steps for your other classes. 

To learn more about the process above, go through this article: Fund Accounting For Non-Profits. 

As always, you can run the Profit and Loss reports by Class report. This lets you review your fund income and expenses in the program. Just go to Reports from the left menu and enter the report name. 

I'll be right here to help if there's anything else you need. Have a great day, @Rosa3.