Slight error with the interpretation of the inverted stripes.

The single one on his lower left sleeve is a good conduct stripe. They were awarded, with a small daily pay increase other ranks below sergeant; once promoted to sergeant GCBs had to be removed. For the army a maximum of 4 GCBs could be earned, for 2, 6, 12 and 18 years service with conduct at good or above; badges could be granted, deprived for misconduct and restored if conduct improved to good or above for required period.

Wound stripes were entirely separate and were awarded to all ranks for each occasion they were wounded seriously enough to appear in official casualty lists as wounded. They worn vertically on the lower left sleeve as directed in Army Orders that for other ranks the position was under GCBs. Originally in gold braid, they were replaced with solid brass.

The smaller stripes on his right sleeve are overseas service stripes. One Blue Chevron was worn for each year’s service overseas, with a Red Chevron indicating that the soldier went overseas before 31st December 1914. Four Blue Chevrons and One Red Chevron was the maximum awarded.
They were discontinued in 1922, but reappeared (all years in red) 1944-45