The prize is named after the mathematician John Couch Adams. It was endowed by members of St John's College and was approved by the senate of the university in 1848 to commemorate Adams' controversial role in the discovery of the planet Neptune. Originally open only to Cambridge graduates, the current stipulation is that the mathematician must reside in the UK and must be under forty years of age. Each year applications are invited from mathematicians who have worked in a specific area of mathematics. the Adams Prize is worth approximately £14,000. The prize is awarded in three parts. The first third is paid directly to the candidate; another third is paid to the candidate's institution to fund research expenses; and the final third is paid on publication of a survey paper in the winner's field in a major mathematics journal.