2. In a small pot combine the granulated sugar and the 1 Tbsp. Bring to a boil and cook over high heat until the sugar caramelizes and is almost smoking. Remove from the heat and place a sieve over the top of the pot. Stand back from the pot and add the 1/4 cup water. The caramel will splutter. When it stops spluttering, remove the sieve and stir in the 3 Tbsp. unsalted butter until melted. Stir in the 2 Tbsp. rum. Set aside.

3. Preheat the oven to 350OF (175C) Butter and flour an 8-inch deep round cake pan. Whisk the flour, baking powder, nutmeg and salt together in a bowl. With an electric mixer, beat the butter until light and fluffy. Gradually add the brown sugar and beat for 1 minute. Beat in the eggs one at a time, then the vanilla. On low speed, blend in the flour mixture, then the rum-soaked raisins and the walnuts. Scrape the batter into the cake

4. Broil day-old slices of this cake and serve warm with coffee ice cream.