It was founded in 1992 by the Sri Lankan-born Canadian novelist Michael Ondaatje with the money he received as joint-winner of the Booker Prize for his novel The English Patient.
Submissions are accepted between 1 and 31 December in a given year and are assessed by a panel of three judges appointed by the trust who are required to short-list three to five entries.
The short-list event (open to the public) is usually held in April and hosted by the British Council in Colombo.
The gala at which the winner is announced is held some weeks later at a venue selected by the trust and the event sponsors and is for invitees only.
Goonetileke Prize, which is awarded every second year for a work translated into English from Sinhala or Tamil.