The award is named after Philip Leverhulme who died in 2000. He was the grandson of William Leverhulme, and was the third Viscount Leverhulme.[1] The prizes are payable, in instalments, over a period of two to three years. Prizes can be used for any purpose which can advance the prize-holder’s research, with the exception of enhancing the prize-holder’s salary.[1][2][3]