That DIP chip is (i think) a Viper from ST , probably used to generate 5v or something like that for the mcu, eeprom etc .. The capacitor by the transformer is bad (you can see the top is swollen), so the output voltage is not stable, which can screw up with the controller and other parts.
The other side of the board is just a plain 100-240v -> 50v and then you have on the other side a LED driver which is controlled through pwm by the microcontroller.