Raleigh and Rudge merged in the early 1940s. Rudge was produced in Nottingham alongside Raleigh after that, with Rudge being a premium bike line. There was indeed a Rudge fender decal as well, with the red hand of Ulster on it, and these went on the Rudge bikes. I'm inclined to say the fenders might be Raleigh replacements rather than original, but there is always the chance they had Raleigh fenders on hand in these years and used those on this particular bike. As soon as you think you know a rule for sure with these bikes, an exception suddenly appears.