25.—The Authority may apply its funds for all or any of the following purposes, that is to say—

(a) the payment of expenses incurred by it in the exercise and performance of its functions under this Act,

(b) the payment of any moneys in accordance with the terms of any totalisator licence held by the Authority or a company of the Authority,

(c) the making of payments, grants or loans for all or any one or more of the following purposes—

(i) the provision of stake-money and prizes at horse races held at authorised racecourses,

(ii) the reduction or subsidisation of entrance fees and similar charges in respect of such horse races,

(iii) the carriage of horses competing at race-fixtures,

(iv) the reduction or subsidisation of the charges to the public for admission to authorised racecourses,

F13[(v) the improvement of authorised racecourses and the amenities thereof, and in so doing may use a graded system of grant rates and may make—

(I) grants of up to 100 per cent. of the cost of projects involving essential non-revenue enhancing works such as health and safety measures, and

(II) grants of lower rates in respect of other development work,]

(vi) any other purpose, conducive to the improvement of horseracing,

(vii) any purpose, conducive to the improvement of the breeding of horses or to the development of the export trade in horses,

and the Authority may attach to any payment, grant or loan so made or proposed to be made by it such conditions as the Authority thinks proper.