A few of the comments on that site seem to be saying the same thing - and the 15 year limit following post grad studies seems pretty arbitrary as well. What exactly is that supposed to prove?
But £500 is not to be sneezed at and Anne Moszynska is a sensible choice for judge.
Ironically, I recently entered something similar, for quite a bit more prize money, writing on sculpture - which apparently no-one wants to do these days (did they ever?). But I misread the rules and chose a show from mid-last year - when the rules stipulate it had to be a show from November 2012 - through this year. Doh! Anyway I did all the research, went and interviewed the artist - an old Romanian, very informative on all things Romanian (including the fact that Romanian sculptors like to refer to Brancusi in the diminutive -
Brancush, approximately...) got copyright clearance for my JPGs and all - the limit as here was 2000w, in the end didn't need that many. Writing about sculpture is hard! But just as I was about to submit the whole deal online - reread the instructions and realised I was out of the competition!
Bummer... 