Hi Sarah
Is there anything written under the heading CORRESPONDENCE that may give you a clue? Does it sat what the medals were.
I am wondering if perhaps as the note was made in 1922 whether the family was trying to raise money or maybe the recipient was a bad boy so thewrefore didn't deserve the medals, or perhaps even, they were unable to find him or his family?
Perhaps a posting on the Great War forum will help. They have lots of experts on that site and who knows someone may have even discovered it and have an answer for you.
Jean