Preheat oven to 350 F.
Grease and flour a 9" springform pan.
In a large bowl, cream the butter and sugar until fluffy.
Add the egg and and vanilla and beat in thoroughly.
Stir the applesauce into the butter mixture.
In a separate bowl, mix the flour, baking soda, salt, and spices.
Stir the dry ingredients alternatively into the butter mixture with the water.
Stir in the walnuts and raisins.
Spread the batter into the prepared pan. Bake for 40 to 45 minutes or until a wooden skewer inserted into the centre comes out clean.
Let cool before frosting with caramel icing.