Good spot, Alistair.
I agree the ribbon next to the MM is the ISM, which the OP mentioned in the first post and which I overlooked

, and the bit of loose ribbon is the VM.
As I understand it the order of wear
should be : Military Medal, 1914 Star, War Medal, Victory Medal and, lastly, the Imperial Service Medal. The ribbon bar as shown seems to have had a bit of a hard life !
Maec