Annual Report

2017/18
1
Abbreviations
BDC Business Development Centre
BDS Business Development Services
CEO Chief Executive Officer
DIDEP Department of Industrial Development and Enterprise Development
FGB Foundation to Generate Your Business Idea
FIB Foundation to Improve Your Business
FSB Foundation to Start Your Business
ILO International Labour Organisation
IYB Improve Your Business
KAB Know About Your Business
M&E Monitoring and Evaluation
MSE Micro and Small Enterprises
MT Master Trainer
NAITA National Apprentice and Industrial Training Institute
NESED North East Socio Economic Developers
PO Partner Organisation
SIYB Start and Improve Your Business
SLBDC Sri Lanka Business Development Centre
SME Small and Medium Enterprises
SYB Start Your Business
TOE’s Training of Entrepreneurs
TOMT Training of Master Trainers
TOTs Training of Trainers

Content
Hon. President’s Message 3 | Hon. General Secretary’s Message 4 |
Chief Executive Officer’ s Message 5 | ILO Country Director’s Message 6 |
Performance at a Glance 7 | Highlights of the Year 2017/2018 8 | Impact of SIYB Training Programs 15 |
SIYB Annual Convention – 2017 21 | Financial Statements 24 | Corporate Members of SIYB Association of
Sri Lanka | 36

2

It gives me immeasurable pleasure, immense
satisfaction and a lot of pride in writing this message
as the President of the Executive Council of 2017/17 of
the SIYB Association of Sri Lanka to its Annual Report
to be presented at its Annual General Meeting.
My overwhelming feeling today is a sense of gratitude.
We feel fortunate to have been given the opportunity
to lead this association and we’ve worked closely with
many stakeholders. We’d like to thank each and every
stakeholder and member of the Association for having
the confidence in me and our Executive Council and for
their friendship, support and counsel along the way.
By far the most inspiring thing about the role that
we were doing was the people that we associated
with. We love and admire their passion for the
entrepreneurial growth and their dedication to serve
the micro and small scale enterprise community. In
addition to those at our Secretariat and of course
many Masters Trainers and Trainers across Sri Lanka
who do a wonderful job for the enterprise growth of
the country. Any credit to our Executive Committee
has only ever been due to the great people around our
Association.
This Executive Council was able to guide the
Association towards a highly profitable financial year
when the net earning was over Rs. Mn. 3.4, without
the interest income, after a slump in the profit during
previous year. This has been possible only due to the
untiring and visionary contribution of the members
of the present and all past Executive Councils, SIYB
membership including both corporate and individual,
CEO and his team at the Secretariat, Master Trainers
and Trainers.
Hon. President’s
Message
As the SIYB Association enters the middle of its
second decade and as it is presented with numerous
challenges coming out of market trends and
competition, compared to the period of its inception
and initial growth, it is at this stage of the life cycle of
this association, focus on diversification and strategic
planning is immensely needed to enter in to a new
business cycle.
This Executive Council had to take two major decisions
in order to present SIYB Association for the future:
to complete the SIYB Material Revision in line with
the SIYB Global Version; and to redesign the Official
Website of the SIYB Association to make it compatible
with the present day mobile devices and to incorporate
the extensive usage of social media. We take this
opportunity to thank and pay our gratitude to the
Country Director for Sri Lanka and Maldives of ILO
Colombo Office for funding the SIYB Manual Revision.
Without the kind financial assistance of ILO Colombo
Office, this exercise would not have seen its success
as of today.
This Executive Council was fortunate to have the active
contribution of the senior most SIYB family members,
including Master Trainers. Therefore, I thank all SIYB
Executive Council Members who were with me as
a strength for me in making correct decisions and
enlightening and guiding me towards taking correct
decisions during my tenure as the President of the
SIYB Association of Sri Lanka. I am certain that all
these stakeholders will continue to extend their fullest
support to achieve even higher profits and thus steady
annual growth of income for the coming years.
Hilmy Ishak
Hon. President
August 31, 2018
3
 Hon. General Secretary’s
Message
Dear Members,
I am privileged to write this message while as the
secretary of executive council while Start and Improve
Your Business Association of Sri Lanka is completing
its 15th year of operation.
Sri Lanka has begun to move towards becoming
an upper middle-income country. So SME sector
has become more active and plays a very vital
role in country. The Government of Sri Lanka also
encourages developing entrepreneurs and making
a strong SME sector by providing incentives, which
helps creating higher volume of jobs opportunities as
well.
In this financial year, reaching to unreached
subsectors such as agriculture and animal husbandry
SIYB Association of Sri Lanka played major role. Newly
introduced foundation modules help to reach more
startups, micro and small entrepreneurs development.
We were able to extend our services more to
government agencies lately, with the rolling out
massive development projects in SME sector
implemented by the government with the support
4
of international funding; this paves the way for us
to reach more entrepreneurs in existing and new
geographical areas through the existing partnerships
as well as new partnerships. At the same time
master trainer and trainer development continued.
I take this opportunity to thank behalf of executive
council trainers and master trainers those who help
to develop entrepreneurs to become more stable and
sustainable businesses, Partner Organizations those
who contributes in development of economy of the
country. Special gratitude goes to SIYB secretariat
for their tremendous commitment shown with limited
resources.
I would like to thank you for your congratulate
everybody for their good work, and thank everyone for
the continued support to the SIYB Association of Sri
Lanka.
Warm wishes for another successful year.
Sisira Fernando
Hon. General Secretary
SIYB Association of Sri Lanka

It is with great pleasure and privilege I write this
message to the Annual Report of Start and Improve
Your Business Association of Sri Lanka as its Chief
Executive Officer presenting the review for the financial
year 2017/18.
The Association has now completed its 15th year
of service delivery after its incorporation, while
facing a lot of challenges and accomplishing various
milestones. The year 2017/18 has been another year
with achievements for the SIYB Association of Sri
Lanka as illustrated in the Annual Report, consisting of
new and innovative interventions in the SME sector in
Sri Lanka.
I would like to mention with great pleasure that the
SIYB Association of Sri Lanka was able to achieve
more than Five Million surplus during the reported
financial year while giving more consultancy
opportunities to its Trainers and Master Trainers.
During the Financial year, the Association could
conduct 03 more Training of Trainers Seminars
and one Master Trainers meeting to maintain the
technical sustainability of the Association. With the
assistance of our Partner Organizations, Trainers
and Master Trainers, SIYB Association could conduct
Chief Executive
Officer’s Message
404 business start-up and business improvement
training programmes for 8,671 potential and existing
entrepreneurs in Sri Lanka during this Financial Year.
Our collaborative work was continued effectively
with ILO Global network including the Enterprise
Department of ILO Geneva Office, ILO International
Training Center in Turin, and ILO Regional Offices in
India, Bangladesh and the ILO Colombo Office. I extend
my gratitude for their support and assistance in all our
endeavors.
As the CEO of the Association, I take this opportunity
to offer my thanks to the Country Director and his team
of ILO Colombo Office, SIYB Global Coordinator and the
team of Enterprise Department of ILO Geneva Office,
Hon. President and the Council of SIYB Association
for the support and guidance extended to me during
this period. My sincere gratitude also goes out to our
Partner Organizations, Trainers, Master Trainers and
my staff for the cooperation and assistance extended
to me to lead SIYB affairs towards sustainability.
Mohan Thilakasiri
Chief Executive Officer
5
 ILO Country Director’s
It gives me great pleasure to extend my wishes to
the SIYB Association of Sri Lanka for entering yet
another progressive year and holding its 15th Annual
General Meeting in 2018. I see SIYB Sri Lanka’s event
this year as a remarkable event which also coincides
with ILO’s entry into its 100th year. Among a number
of key thematic areas of the ILO’s centenary initiative,
employment, sustainable enterprises and future of
work are well aligned with the SIYB’s work in Sri Lanka
and I believe the Association’s contributions to these
thematic areas will add value to ILO’s work in Sri Lanka
and in the region.
The ILO’s Decent Work Country Programme for Sri
Lanka (2018-2022) which was launched early this year
primarily focuses on creation of productive, decent and
inclusive employment while providing more emphasis
on the skills required to face demands of the world
of work in the future. Women and youth, being the
main segment of attention, their skills for better jobs
and entrepreneurship needs to be enhanced in order
to enable them to face the future demands of the
labour market given the rapid evolvement of platform
economies, gig economies and demand for green
businesses.
The ILO in Sri Lanka has initiated its global flagship
programme “Jobs for Peace and Resilience” to
6
Message
promote decent work through development of
sustainable livelihoods, especially micro and small
enterprises, for both conflict and disaster affected
communities around the country. SIYB, being ILO’s
successful model for entrepreneurship development,
has more avenues to pitch its expertise and potential
to collaborate with ILO in facilitating the enhancement
of skills for MSE sector.
The SIYB Association must take it as a challenge and
become an active partner in supporting the growth of
the SME sector. It is only through such engagement
and efforts that even more decent employment
opportunities will be generated for youth, women and
men, making a direct and positive contribution to
achieving the national goal of generating one million
new jobs in the next five years.
ILO values your sincere endeavors and will continue to
work with you and support you in this pursuit.
I wish you a productive AGM and another a very
successful year ahead.
Simrin Singh
ILO Country Director for Sri Lanka and the Maldives
Performance at a Glance
Table 1.0 Comparison of SIYB performance in 2016/17 and 2017/18

Activity 2016/17 2017/18

SIYB Training of Entrepreneurs seminars conducted
GYB 20 45
SYB 37 59
IYB 37 120
KAB -
FGB 7 100
FSB 3 74
FIB - 3
WTB - 3
Number of entrepreneurs trained
GYB 433 996
SYB 780 1373
IYB 632 2379
KAB
FGB 133 2176
FSB 61 1601
FIB - 48
WTB - 98
SIYB Manuals and Game kits sold
GYB 2914 6341
SYB 1784 2211
IYB 6010 11558
SIYB Game kits 47 74
FSB 633 5452
FIB 75 556
KAB - 50
P&P - 40
Trainer development programs conducted
SIYB Training of Trainers (TOT) seminars 05 3
Number of Trainers trained 92 47
SIYB Training of Master Trainers (TOMT)Seminar 1 -
KAB Training of Trainers (TOT) seminar 1 -
SIYB Refresher Training of Master Trainers Seminar - -
SIYB Refresher Training of Trainers - 1
Membership
Corporate -
Individual -

7
 Highlights of the
Year 2017/2018

8
 Trainer Development
SIYB Training of Trainers seminar
SIYB Association Association of Sri Lanka in
collaboration with the Industrial Development Board
of Ceylon successfully conducted SIYB Training
of Trainers Seminar for 15 Industrial Development
Mangers. This TOT was conducted from 4th to
15th December 2017 at Green training Centre,
Tholangamuwa.
SIYB Association Association of Sri Lanka in
collaboration with the Department of Manpower and
Employment (DOME) Conducted two SIYB TOTs
simultaneusly in sinhla and Tamil languages. 32
Development officers attached to received training.
TOTs were held from 10th to 22nd Decmber 2017, at
NAQDA training cenntre, Kekirawa.
9
 Trainer Development

SIYB Refresher Training of Trainers Seminar in Colombo 2018 SIYB

Refreshing trainers’ knowledge & skills, introduction of new additions to modules, introduction of new modules,
furnish with latest innovation in the entrepreneurial training is a tradition of the SIYB association. This year too the
SIYB Association of Sri Lanka continued this good practice by successfully conducting SIYB Refresher Training
of Trainers Seminar in Colombo – Thalahena - Malabe from 19th to 20th March 2018. Two parallel programs
were held in Sinhala and Tamil. All participants are Human Resource Development Officers of the Department
of Manpower and Employment under the Ministry of Labor. Program was sponsored by the International Labor
Organization (ILO).

Master Trainer Meeting– 27 Feb at HARTI in Colombo

SIYB ASL successfully conducted a Master Trainer Meeting on 27 February 2018 at HARTI in Colombo. Sixteen
Master Trainers attended and many thanks for those who attended and made their contribution to make the event a
success. SIYB Association of Sri Lanka conducts Master Trainer meetings periodically because Master Trainers are
the pillars of SIYB ASL program who maintain and safeguard the quality of SIYB interventions.

10
 Outreach of SIYB Training of Entrepreneurs Programmes

During the period under review, a total of 404 SIYB Training of Entrepreneurs (TOEs) programmes have been
carried out by the SIYB trainers and Partner Organizations in which 8671 Entrepreneurs were trained. Most of the
entrepreneurs had obtained more SYB and IYB training packages than other modules. However, it seems that the
new training package, Foundation to SIYB has started to move forward. A comparison of the present performance
with the previous year is given in Table 1.

Table 2.0 Product-wise Entrepreneur Participation

Type of No. of No. of

Training 2016/17 participants % 2017/18 participants %
GYB 20 433 21% 45 996 12%
SYB 37 780 38% 59 1373 16%
IYB 37 632 31% 120 2379 27%
FGB 7 133 7% 100 2176 25%
FSB 3 61 3% 74 1601 18%
FIB - - - 3 48 1%
WTB - - - 3 98 1%
Total 104 2039 100 404 8671 100

TOEs Conducted during the Last Two Years

140

120

100

80

60

40

20 2016/17
2017/18
0
GYB SYB IYB FGB FSB FIB WTB

Fig. 1.0 Comparison of TOTs conducted by SIYB during the last two years

11
Table 3.0 - Gender-wise participation at SIYB Training of Entrepreneurs (TOE) seminars

Year Men (%) Total Women (%) Total

2016/17 24 472 76 1567
2017/18 21 1784 79 6887

More than 50% of customers are women

Men
Women

2500

2000

1500

1000

500

0
GYB SYB IYB FGB FSB FIB WTB

Fig. 2.0 Participation of women and men in TOE seminars

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Age Distribution

Fig. 3.0 Age distribution of TOE participants

Type Of Business

Fig. 4 Types of business run by SIYB trainees 2016/17

13
SIYB Association maintains good
relationship with its Partner
Organizations
The CEO of SIYB ASL met ADP Managers of World
Vision Lanka in the Eastern Province on 19th January
2018 in Batticaloa to make ADP Managers aware
of the procedure of implementing SIYB Training of
Entrepreneurs programs at ground level. This kind
of knowledge supports to ADP mangers to monitor
SIYB interventions at field level is important in order to
achieve a higher impact.
Promoting Decent Work in the plantation
sector
Plantations as a commercial business started in Sri
Lanka (Ceylon) under British government, in the 19th
century. Initially cocoa and coffee were grown and
later converted to Tea plantations. For many decades
Tea, Rubber and Coconut had been the major exports
in Sri Lanka. At the beginning of plantation industry
there was a labor shortage and British rulers brought
laborers from South India. Since these laborers were
settled in estates, and they became a new ethnic
community in society. As this community was deprived
14
of access to decent work, their living standards were/
are very poor in every aspect. Lack of proper education
and lack of skills have been major factors preventing
them to access decent work. Therefore SIYB
association in collaboration with Planation Human
Resource Development Trust (PHDT), implemented
a project to provide skills to youths in the plantation
sector, that will enable them to secure decent work.
Five estates from Kegalle district and two estates from
Ratnapura district were included in the program. This
program was funded by ILO.
Program started with Training Need Assessment
(TNA), in two stages. Interviews held with prospective
trainees and Rapid Assessment session (Discussion)
with PHDT staff and estate staff. Based on the result
of the TNA a series of activities implemented. These
trainings covered Soft skills, Vocational training and
Entrepreneurship training. Nearly 250 unemployed
youth benefited from this project. Following table
shows the types of activities implemented and number
of youth benefited out of each activity
Impact of SIYB
Training Programs

15
 Case Study 01
Renuka Pushpakanthi
The forty years old Renuka Pushpakanthi’s life,
determination, courage and will power reminds us the
world renowned neurologist and psychiatrist Victor
E Frankl’s famous saying, “When we can no longer
able to change a situation, we are challenged to
change ourselves”, because she has transformed and
transcended herself to overcome a very pathetic life
situation and is now on the way to be a legend of ‘life
beyond barriers’. Having restricted the movement of
life to a wheel chair and to the bed and back and forth
and having forced to depend and rely on others totally
even for mere survival for two decades and instead
of begging for help she has become a helping hand
for many now. Hers’ is story even the physically and
mentally fit get amazed and astonished.
Renuka became paralyzed at the age of 21 when she
was still working in a garment factory. And due to the
disability she was no longer able to engage in any
physical work. Yet the fate had to accept the defeat
when she was enrolled in the World Vision Lanka
Nawagaththegama Area Program organized GYB and
SYB training on her mother’s encouragement. Having
been convinced on the path she should take up, during
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same period she was fortunate enough to be selected
as a worthy beneficiary of Independent Television
Network’s “Ethpavura”, the program that has become
‘breeding’ place for creating entrepreneurs, especially
the social business. With that support and guidance,
she started a social business to produce baby
garments with 12 others. And her motive was that her
business should be able to create job opportunities to
many specially the most needy in the area.
As her business was gradually growing she felt the
need for IYB training and with the acquired knowledge,
skills, deepening of positive attitudes and continuous
guidance, mentoring and business counselling she
expanded the business and as a result another 8
members were joined to the team.
She recalls with gratitude the enormous support and
guidance received from World Vision, ITN EthPavura
and SIYB Institute and has become a light and
powerful challenge to many who remain unmoved for
trivial reasons.
SIYB Institute and World Vision Lanka
Nawagaththegama Aria Program wish her all the
success in her future endeavours.
 Case Study 02

EXCEL ENTERPISES CONCREATE NET (PVT) LTD

Mr. C.W.M. Chandrasena used to be doing ad- hoc jobs
such as cultivation, spraying chemical to cultivation,
masonry, carpentry etc. to earn family expenses. He
had been a samurdhi card holder as his family income
was below the poverty level.

With the assistance for livelihood as a Samurdhi

beneficiary and training provided by Industrial
Development Board of Ceylon, he started the
production of fiber moulds for concrete/cement
products in 1996. Simultaneously he produced Cement
flower pots with the assistance of his family members.
There was a very good demand for their products. As
he realized his family is no more dependents of welfare
assistance (Samurdhi), he handed over his Samurdhi
(Welfare) beneficiary card to authorities with request
to provide assistance to another poor family instead of
him.

As the demand for his products increased, he had to

increase the production. So he provided employment
for four people in his village. After receiving training
from “NERD” he introduced new products and
increased staff up to employees. Later he introduced
a series of cement products and at present he has
employed 11 people in the industry.

In 2017 he participated in the “Improve Your Business”

training organized and conducted by Industrial
Development Board of Ceylon. According to him, this
has been a turning point in his business and life. The
knowledge and skills he gained from this workshop
were practically applied in the business and brought
him success.

He was proud to announce that his products are sold

in every district in Sri Lanka. All his success is due to
courage and support from BDS providers such as SIYB
Association of Sri Lanka, Industrial Development Board
of Ceylon and NERD.

17
 Annual General Meeting

The 14th annual General Meeting of the SIYB association of Sri Lanka held at the Renuka City Hotel Colombo on
September 28, 2017.

SIYB partner organizations, SIYB Master Trainers and SIYB Trainers participated in this AGM as members of
Association. The executive council for the year 2017/18 was elected at the meeting.

The participants reviewed the progress of the association and financial reports for the last year, and praised
Council, CEO and the staff, Master Trainers, Trainers, and Partner organizations for their contributions.

The newly appointed president thanked the house for having trust and confidence with him to lead the SIYB
Association of Sri Lanka and requested trainers, Master Trainers, and partner organizations for the support given to
bring the association to new heights.

18
PROFILE OF EXECUTIVE COUNCIL MEMBERS – 2017/2018
SIYB Association of Sri Lanka

Name Position Background Photograph

Mr. Hilmy Hon. Freelance Consultant MDP (Reading); PGD-Agric Econ;

Ishak President B. Sc. Agric. (Sp) Hons; CMCE - CMI (UK); MIM (SL); SIYB
Master Trainer. Specialized in Trilingual Development
Process Facilitation, Researcher for National Integrity
through Economic and Livelihood Development,
Integrated Approaches to Sustainable Development,
Disability and Development

Mr. Hon. Business Consultant, Freelance Trainer. Chair Person of

S.Sivaskaran 1st Vice the Rural Small Business Counseling Association (RSBC).
President SIYB Trainer, Business Edge Trainer, CEFE Trainer, CEFE
Business Counselor and Integrated Farm Developer.

Mr. Shrimal Hon.2nd Deputy Director ,Industrial Development Board Of Ceylon

Jayathilaka Vice Bsc, HNDE
President

Mr. Sisira Hon. Economic and Agriculture Development Specialist

Fernando General World Vision Lanka, SIYB Master Trainer, Diploma in
Secretary Agriculture, Master of Project Management

Mr. E. Hon. Joint Development Facilitator

Eimackshan Secretary World Vision Lanka
Master of Leadership Development,
Bachelor of Learning for Transformation
Dip.in Development Studies
Trainer- SIYB , LfT, PMD Pro level 1&2
Freelance –Creative Writer/Visual Director

19
Name Position Background Photograph

Mr. Ananda Hon. Managing Director of Grip (Guarantee) limited

Siriwardane Treasurer B.A Management Diploma, Rural Development Diploma,
SIYB Trainer Specialized in Social Mobilization,
Development and Micro finance.

Mr. Gemunu Hon. Editor Consultant, Local Economic Development / Value Chain
Wijesena Development

BSC (Agri), PGD Industrial Management, MBA, SIYB

Senior Master Trainer

Specialized in Private Sector Development

Mr. K.M.S.G. Hon. Director, Entrepreneurship Development &

Bandara Member Consultancy Services, Industrial Development Board.
BSC (management) sp. SIYB Master Trainer, KAB
National Facilitator

Mr. Samantha Hon. Protection & Disability Specialist

De Mel Member World Vision Lanka

20
SIYB Annual
Convention – 2017

21
The SIYB Association of Sri Lanka held its Annual
Convention on 28th September 2017 at Renuka hotel
in Colombo. The Chief Guest was Hon. Karunarathna
Paranawithana, Deputy Minister of Skills Development
and Vocational Training and the invited Guests of
Honor were Mr. B. Premalal, Chairman of Prime Group
and Ms. Simrin Sing, ILO country director for Sri Lanka
and Maldives.

At the Annual Convention, Master Trainer Candidate

Mr. K. Purusothman was awarded the Master Trainer
License and 28 SIYB Potential Trainers were Certified
as Licensed SIYB Trainers. The Convention was a
very Successful and Enthusiastic Event for the SIYB
members.
Special appreciation of the Active Partner
Organization for the year 2016/17 was bestowed on
Berendina MFI (Gte) Ltd.

Most Active Trainer for the Year 2016/17 was Special appreciation of the Active Partner
Mr. Buwaneka Samarasundara. Organization for the year 2015/16 was bestowed on
DIDEP- Central Province.

Most Active Trainer for the year 2015/16 was Most Active Partner Organization for both the years
Mr. A. Ariyasuthan. 2015/16 and 2016/17 was World Vision Lanka.

22
Certified Trainers P.G. Amarapala memorial scholarship fund
1. Mr. Elayathamby Sivalingam
program
2. Mr. T. Sivakumar The SIYB Association conducted the P.G. Amarapala
3. Mr. Henda Handige Ajith Prasanna Fernando memorial scholarship awarding program this year
4. Mr. Luke Dilan Nicholas too as usual. Scholarships were awarded to the
students who got through the grade five Scholarship
5. Mr. Edvin Ranil
Examination at Kawantissa Maha Vidyalaya in
6. Mrs. Vasuki Arivalagan
Balangoda, where Mr. Amarapala had primary
7. Mr. B. Partheepan education.
8. Mr. Anantham Thanuraj
9. Mr. Danton Andrado
10. Mr. Thilaganayakam Priyavathsalan
11. Mr. Bonny Justin Vincent
12. Mr. Emmanuel Eimackshan
13. Mr. Ramamoorthy Thishanthan
14. Mr. Thangarajah Robinson Marshal
15. Mr. Upul Priyadarshana Hewage
16. Mr. Jude Dinesha Wijesuriya
17. Mr. Mathalge Manju Priyantha Dias
18. Mr. Kasun Danushka Bandara Samarasinha
19. Mr. Amirthanathan Anton Roy
20. Mr. Nagalingam Sivagnanam
21. Mr. Gonzaga Joseph Anuraj
22. Mr. Jeyarajah Sharwathamanan
23. Mr. Chanaka Gajanayake
24. Mr. M. R. Peries
25. Mr. J. T. Antony Jerin
26. Ms. S. A. E. Larin Shanika Samarathunga
27. Mr. Widanalage Alfred Samantha De Mel
28. Mr. Shanhul Hameed Burhanudeen
29. Mr. W. G. Upali Wickramasinghe
30. Mr. Mr. Nagalingam Sivanathan

23
Financial
Statements

24
SUNIL GAMAGE & COMPANY
CHARTERED ACCOUNTANTS
K. G. SUNIL, ACA, FCMA
Independent Auditors’ Report
START AND IMPROVE YOUR BUSINESS ASSOCIATION OF SRI LANKA
Report on the Financial Statements
Opinion
We have audited the accompanying financial
statements of Start and Improve Your Business
Association of Sri Lanka, (“the Association”), which
comprise the Statement of Financial Position as at
31 March 2018, and the Statement of Comprehensive
Income, Statement of Changes in Equity and
Statement of Cash Flows for the year then ended, and
notes to the financial statements, including a summary
of significant accounting policies.
In our opinion, the accompanying financial statements
give a true and fair view of the financial position of
the Company as at 31 March 2018 and of its financial
performance and its cash flows for the year then
ended in accordance with Sri Lanka Accounting
Standards.
Basis of opinion
We conducted our audit in accordance with Sri Lanka
Auditing Standards (SLAuSs). Our responsibilities
under those standards are further described in the
Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent
of the Company in accordance with the Code of
Ethics issued by CA Sri Lanka (Code of Ethics) and
we have fulfilled our other ethical responsibilities in
accordance with the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Responsibilities of management and those charged
with governance for the financial statements
Management is responsible for the preparation of
financial statements that give a true and fair view in
NO. 189/24, THALPITIYA GARDEN, THALPITIYA NORTH, WADDUWA, SRI LANKA.
TEL: 038 2284913, 070 2790554 EMAIL: sunil.gamage@gmail.com
accordance with Sri Lanka Accounting Standards, and
for such internal control as management determines
is necessary to enable the preparation of financial
statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is
responsible for assessing the Association’s ability to
continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
concern basis of accounting unless management
either intends to liquidate the Association or to cease
operations, or has no realistic alternative but to do so.
Those charged with governance are responsible
for overseeing the Association’s financial reporting
process.
Auditor’s responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that
an audit conducted in accordance with SLAuSs will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SLAuSs,
we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
25
• Identify and assess the risks of material
misstatement of the financial statements, whether
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from
fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control
relevant to the audit, in order to design
audit procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the
Association’s internal control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of
management’s use of the going concern basis
of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the Association’s ability to
NO. 189/24, THALPITIYA GARDEN, THALPITIYA NORTH, WADDUWA, SRI LANKA.
TEL: 038 2284913, 070 2790554 EMAIL: sunil.gamage@gmail.com
26
continue as a going concern. If we conclude that
a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report.
However, future events or conditions may cause
the Company to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.
CHARTERED ACCOUNTANTS
30th August 2018
Statement of Comprehensive Income
FOR THE YEAR ENDED 31ST MARCH 2018 2017/2018 2016/2017
Note Rs. Rs.

Income 4 22,044,502.57 10,757,938

Less: Direct Expenditure 5 13,382,168.85 5,596,743

Gross Profit 8,662,333.72 5,161,195

Add: Other Operating Income 6 3,241,480.75 2,205,825

11,903,814.47 7,367,020

Less: Expenses

Administration Expenses 7 4,204,188.90 4,080,193

Other Operating Expenses 8 1,958,062.89 1,979,012

Finance Cost 9 238,642.50 109,800

6,400,894.29 6,169,005

Net Income from Ordinary Activities before tax 5,502,920.18 1,198,015

Less: Tax Expense 10 90,371.04 57,457

Net Income For the year 5,412,549.14 1,140,558

27
Statement of Financial Position
As at 31st March 2018 31-03-2018 31-03-2017
Note Rs. Rs.

ASSETS
Non Current Assets
Property, Plant & Equipment 11 214,236.42 299,242
Investments 12 34,068,595.80 30,940,138
34,282,832.22 31,239,381

Current Assets
Inventories 2,854,178.25 3,983,225
Accounts Receivable 13 2,743,477.25 1,500,252
Receivables & Advances 14 6,035,251.01 307,822
Cash and Cash Equivalents 15 1,044,154.25 2,490,286
12,677,060.76 8,281,586
TOTAL ASSETS 46,959,892.98 39,520,966

FUNDS AND LIABILITIES

Funds
Trust Fund 11,453,783.07 11,453,783
SIYB Project - Grant 2,656,955.90 2,656,956
Retained Income 16 30,123,778.77 24,711,230
Memorial Fund 17 184,126.31 158,890
44,418,644.05 38,980,858

Current Liabilities
Accounts Payable 18 2,222,845.04 221,704
Income Tax Payable 19 318,403.89 318,404
2,541,248.93 540,108
46,959,892.98 39,520,966

We certify that the above Statement of Financial Position to the best of our belief, contains a true account of the
Funds, Liabilities and Assets of the Association

Hilmy Ishak Ananda Siriwardane

President Treasurer

28.08.2018

28
Notes to the Financial Statement
For the Year Ended 31st March 2018
1. CORPORATE INFORMATION 2. BASIS OF PREPARATION
1.1 General
Start and Improve Your Business Association of
Sri Lanka is incorporated under Voluntary Social
Service Organizations Act No. 31 of 1980 as
amended by Act No. 08 of 1998. The registered
office of the Association is located at No.
21/22A, Polhengoda Garden, Polhengoda Road,
Colombo 05.
1.2 Principal Activities and Nature of the
Operations
Association is a National Association of
Business Support Service provider for Micro,
Small and Medium Scale Enterprises.
1.3 Responsibility for financial statements
The Governing Council of the Association is
responsible for the preparation and presentation
of these financial statements.
1.4 Organization Hierarchy
President - 01
Vice President - 01
Second Vice President - 01
Treasurer - 01
General Secretary - 01
Joint Secretary - 01
Members - 02
Editor - 01
1.5 Number of Employees
The number of employees - 03
2.1 The Financial Statements are prepared under
the historical cost convention in accordance
with Generally Accepted Accounting Principles.
No adjustments have been made for
inflationary factors.
2.2 All material events occurring after the Balance
Sheet date were considered and where
necessary adjustments made in these financial
statements.
3. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
3.1 Borrowing cost
Borrowing cost is recognized as an expense in
the year in which they are incurred.
3.2 Income tax
The provision for Income Tax is based on the
elements of income and expenditure as reported
in the financial statements and computed in
accordance with the provisions with the Inland
Revenue Act.
3.3 Property, plant and equipment
(a) Items of property, plant and equipment
are measured at cost less accumulated
depreciation and any accumulated
impairment losses.
The provision for Depreciation is
calculated by using the straight-line
method on the cost or valuation of
all property, plant and equipment in
order to write off such amounts at the
percentages stated below.
29
Notes to the Financial Statement
For the Year Ended 31st March 2018

Office Equipment 15% 3.9 Expenditure Recognition

Furniture and fittings 10% Expenses are recognized on an accrual basis in

Computer Equipment 15%
Motor Vehicles 25%
Full provision is made in the year of sale and
none in the year of purchase.
3.4 Inventory
Stock of manuals are valued at the lower of
cost and net realizable value after making
allowances for obsolete and slow moving items.
Stationery is valued at actual cost on first in first
out basis.
3.5 Receivables
Receivables are stated at the amounts they are
estimated to realize net of provision for bad and
doubtful debts.
the Statement of Comprehensive Income on the
basis of a direct association between the cost
incurred and the earning of specific items of
income. All expenditure incurred in the running
of the business and in maintaining the property,
plant and equipment in a state of efficiency has
been charged to income in arriving at the net
income for the year.
3.10 Employees’ Provident Fund and Employees’
Trust Fund
Employees are eligible for Employees’ Provident
Fund contributions and Employees’ Trust Fund
Contribution in line with respective statements
and regulations. The Association contributes
12% and 3% of gross emoluments of employees
to Employees’ Provident Fund and Employees’
Trust Fund.

3.6 Cash and Cash Equivalents

Cash and cash equivalents are defined as cash
in hand, demand deposits and short term highly
liquid investments, readily convertible to known
amounts of cash and subject to insignificant
risk of changes in value.

3.7 Liabilities
All known liabilities have been accounted for in
preparing the Financial Statements.

3.8 Revenue Recognition

The Revenue represents the amount derived
from the provision of services which fall
within the Association’s ordinary activities and
recognized on accrual basis.

30
Notes to the Financial Statement
For the Year Ended 31st March 2017

4. Income
2017/2018 2016/2017
Rs. Rs.

Membership fee 90,000.00 -

Sale of Manuals 10,780,130.00 4,737,980
Trainer Development Seminar 10,318,810.65 1,792,850
Business Consultancy 837,500.00 4,136,868
Sundry Income 18,061.92 90,240
22,044,502.57 10,757,938

5. Direct Expenditure
2017/2018 2016/2017
Rs. Rs.

Cost of Manuals 4,318,523.50 2,127,247

Printing - Manuals & Certificates 282,600.00 -
Expenditure for Trainer Development Programme 8,781,045.35 3,469,496
13,382,168.85 5,596,743

6. Other Operating Income

2017/2018 2016/2017
Rs. Rs.

Interest Income 3,241,480.75 2,205,825

3,241,480.75 2,205,825

7. Administration Expenses
2017/2018 2016/2017
Rs. Rs.

Personnel Cost 3,024,481.27 2,823,486

Office Overhead 528,031.63 756,911
Audit fees 50,000.00 50,000.00
Repairs & Maintenance 49,736.00 34,296
Insurance 124,354.00 137,446
Web development 46,000.00 -
Computer Maintenance 46,940.00 40,500
Rent and Rates 459,000.00 375,000
4,204,188.90 4,080,193

31
Notes to the Financial Statement
For the Year Ended 31st March 2018

8. Other Operating Expenses

2017/2018 2016/2017
Rs. Rs.

Travelling & Subsistence 346,533.60 417,585

Depreciation 85,005.94 352,197
Other Expenditure 66,077.24 2,322
Professional Fees 124,000.00 117,770
Annual General Meeting and Council Meetings 748,138.52 517,770
Promotions 70,042.00 221,140
Training staff & Members 247,645.59 -
Vehicle Maintenance 129,010.00 116,325
News letter 88,712.00 219,676
Welfare 52,898.00 14,226
1,958,062.89 1,979,012

9. Finance and Other Expenses

2017/2018 2016/2017
Rs. Rs.

Bank charges 9,050.00 6,700

Discounts given 229,592.50 103,100
238,642.50 109,800

10. Tax Expense

2017/2018 2016/2017
Rs. Rs.

Provision for the year 90,371.04 57,457

90,371.04 57,457

32
Notes to the Financial Statement
For the Year Ended 31st March 2018

11. Property, Plant and Equipment

Cost As at 01st Additions As at 31st
April 2017 during the year March 2018
Rs. Rs. Rs.

668,399.00 - 668,399.00
Computer Equipment 579,898.16 - 579,898.16
Motor Vehicle 850,000.00 - 850,000.00
Furniture & Fittings 115,796.00 - 115,796.00
Digital Camera 21,000.00 - 21,000.00
Multimedia Projector 59,700.00 - 59,700.00
Sound System 31,500.00 - 31,500.00
2,326,293.16 - 2,326,293.16

Accumulated Depreciation
As at 01st Charged As at 31st
April 2016 for the year March 2017
Rs. Rs. Rs.

Office Equipment 668,399.00 - 668,399.00

Computer Equipment 417,874.60 73,426.34 491,300.94
Motor Vehicle 850,000.00 - 850,000.00
Furniture & Fittings 74,057.20 11,579.60 85,636.80
Multimedia Projector 10,945.00 - 10,945.00
Sound System 5,775.00 - 5,775.00
2,027,050.80 85,005.94 2,112,056.74

Net Book Value 299,242.36 - 214,236.42

12. Investments
31-03-2018 31-03-2017
Rs. Rs.

Treasury Bill - Bank of Ceylon (122349) 8,122,056.00 7,478,871

Bank of Ceylon - 7150338 21,045,927.96 18,997,303
National Savings Bank - 20001-20-84104 4,477,160.61 4,065,711
National Savings Bank - 20001-20-93979 22,485.89 20,460
National Savings Bank - 20001-20-89157 230,111.40 208,964
Mr. Amarapala’s Fund 170,853.94 168,829
34,068,595.80 30,940,138

33
Notes to the Financial Statement
For the Year Ended 31st March 2018

13. Accounts Receivable

31-03-2018 31-03-2017
Rs. Rs.

Trade Debtors 2,743,477.25 1,500,252

2,743,477.25 1,500,252

14. Receivables and Advances

31-03-2018 31-03-2017
Rs. Rs.

Office Rent Advances 150,000.00 221,000

Other Advances 1,521,013.46 21,052
Staff Loan 51,210.00 27,520
Prepaid Office Rent 38,250.00 38,250
Other Receivables 4,274,777.55 -
6,035,251.01 307,822

15. Cash and cash Equivalents

31-03-2018 31-03-2017
Rs. Rs.

Cash at Standard Chartered Bank (A/C 02-3537684-01) 4,814,679.14 2,229,226

Cash at Standard Chartered Bank (A/C01 3537684 01) (3,805,222.89) 226,362
Petty Cash 34,698.00 34,698
1,044,154.25 2,490,286

16. Retained Income

31-03-2018 31-03-2017
Rs. Rs.

Balance at the beginning of the year 24,711,229.63 23,366,833

Prior year adjustments - (203,838)
24,711,229.63 23,570,672
Add: Excess of Income over Expenditure for the year 5,412,549.14 1,140,558
30,123,778.77 24,711,230

34
Notes to the Financial Statements
For the Year Ended 31st March 2018

17. Memorial Fund

31-03-2018 31-03-2017
Rs. Rs.

Mr. Amarapala’s Memorial Fund 184,126.31 158,890

184,126.31 158,890

18. Accounts Payable

31-03-2018 31-03-2017
Rs. Rs.

Manual Development Expenses 629,770.00 -

Training Seminar Expenses 359,204.00 -
Audit fee Payable 50,000.00 50,000
PAYE Tax Payable 3,654.00 3,590
WHT Payable 133,301.11 133,301
Electricity 8,594.00 26,185
Telephone 5,869.15 -
Other Accrued Expenses 1,032,452.78 8,628
2,222,845.04 221,704

19. Taxation
31-03-2018 31-03-2018
Rs. Rs.

Balance at the beginning of the year 318,403.89 318,404

Provision for the year 90,371.04 57,457
WHT Deducted on Fixed Deposit Interest (90,371.04) (57,457)
318,403.89 318,404

35
Corporate Members of SIYB
Association of Sri Lanka
Active Partner Organizations that work with SIYB Association of Sri Lanka

Name Address Contacts

Sri Lanka Business development Centre No. 83A, Barnes Place, 011 2680721
Colombo 7 011 7209958
0771 392256

Industrial Development Board of Ceylon No. 615, Galle Road, 011 2605380
Katubedda, Mortuwa 011 2605323
011 2605326

Arthacharya Foundation No. 40, 4th Lane, 011-2635249

Ratmalana. 011-4200680

Sathlak Community Development Alliance No.39/1 033-2226091

Thilaka Rd, Gampaha 034-2233345
0771564144

Industrial Services Bureau No. 141, Kandy Road, 037-2223721

Kurunegala. 037-2223722

Rural Development Training and Research Institute No.24/4, Castle Street, 011-2695579,
Colombo 08. 011-2678203

North East Socio Economic Developers No. 382/1, 025- 2224653

Maithripala Senanayake 0777-427751,
Mawatha, 0771068416
New Bus Stand,
Anuradhapura.

Future in Our Hand Development Foundation No. 325/A/3, 055-2230072

Kanupelella, Badulla. 071-4209068
0778444358

Community Business and Technology Developers PO Box. 63, Getambe, 081 2385329
Peradeniya

36
Name Address Contacts

Business Creations (Gte) Ltd No 9, Medaketiya Road, 047- 2242894 

Tangalle. 071-4295885
077-7551409

YGro Ltd 14A, Costa Mawatha, 011 276 4879

Off Kadawatha Road, 0773466206
Kalubowila.

Development Facilitators No.7/2, 011- 5518773

2nd Lane, Subhadrarama 0777392678
Road, Nugegoda.

NAITA No. 971,

Sri Jayawardenapura  011-2 888782-5
Mawatha, 011-2863680
Welikada, Rajagiriya. 011 2888786

Business Development Centre No.118, Kings Wood Park 0115661325

Maya Terrace, Kiribathgoda 0777-906776
Kelaniya.

Berendina MFI No. 152, Nawala Road, 011-436741

Nugegoda. 011 -5588800
071-3247059

Vocational Training Authority No. 354/2, 0117270270

“Nipunatha Piyasa”, 0112596517
Elvitigala Mawatha,
Colombo 5.

World Vision Lanka No.619/8, Dr. Danister De Silva 011-2691233

Mawatha, Colombo 09.

Gramie Replete Investment Promotion (Gte) Ltd No. 1/5, Sri Deeralankara 091-2290718
Mawatha, Elpitiya 0718391421

37