I managed to find pics of RN issue moneybelts and though they are slightly similar, the part where the money is kept is quite flat, for notes or coins. The pouch on the unknown belt is much bulkier.
I did find this whilst trawling the net today, The badges are attached to a belt which, though it has a different buckle, is made of the same light canvas and has an identical brass slide. The badges are described as being from WW1 and I wonder if the belt might date from that period. The only fly in the ointment is the press stud on the unknown one which I don't think was around then.