Converts 230V @ 50Hz AC to the range of 230mV-22.5V DC by using a potentiometer.
The red led indicates that te power is on (the device is plugged in).
The amber led indicates the capacitors are (still) charged. When te power is turned off (the device is "unplugged" by opening the switch on the left), it will fade slowly.
The green led indicates the on/off-switch (on the right, by the potentiometer) is closed ("on").
It's actually not a 100% steady output, it fluctuates at 100Hz within the range of about 3mV. Could be used as a labratory power supply for DIY-projects.