The 1932 model year saw a number of improvements/changes to the Record:
a 23-inch frame offered in addition to 20", 21" and 22".
ladies model withdrawn
new "R" pattern wingnuts on wheel axles
new Raleigh racing quill pedals with little Herons heads
new Raleigh chainring incorporating the Heron Head
new Raleigh racing hubs with locked bearing cones and spring clip to oil hole
white Bluemel Noweight 'guards as an alternate to the stock black ones
"Raleigh" in gold blocks (this marked the first use of this distinctive typeface transfer that would be used for various Raleighs and repaints for another 40 years) on downtube replaces "Raleigh" on seat tube
fork lamp bracket changed from right to left fork blade as standard (could be special ordered to fit leftside)
Assuming a 1928 model
See also post WWII
http://www.ipernity.com/blog/286349/579471