That is the heater circuit, and it was likely a worn relay or loose screw terminal. With the foil burned I wouldn't bother trying a rebuild, nor would I replace just that old board even if I could find it. Balboa has come a long way since then, and a retrofit control system complete with new topside control, heater, sensors, equipment wires, and even a light fitting for around $400.
If you do try to get it fixed I would say replace the relays with replacements that have spade terminals on the front and wire to those to bridge the burned foil (like the black jumper connecting the 2 relays).