Heat water in a saucepan.

Add raisins and butter to the water.

Boil on medium heat for 15 minutes.

Remove pan from heat and let it cool for 15 minutes.

In a mixing bowl, combine all-purpose flour, sugar, baking soda, baking powder, salt, cinnamon powder, nutmeg, and crushed cloves.

Pour slightly cooled raisin mixture into the dry ingredients.

Stir with a spatula.

Add beaten eggs and stir with a spatula.

Stir in chopped walnuts.

Grease a baking pan.

Pour the mixture into the pan.

Bake in a preheated oven for 30 minutes.

Insert a toothpick into the center to check for doneness.

If the toothpick comes out mostly clean with some moist crumbs, it is ready.

Serve with caramel sauce.