Preparation of Caramel Syrup:

1. In a pan on medium heat, add the sugar and 1 tbsp water. As the sugar melts and starts turning golden brown, lower the flame and keep stirring till it turns a bit darker and thicker.
2. Now add the remaining 4 tbsp of water, switch of the flame and keep stirring till the syrup cools down. Keep aside.

Preparation of Cake:

1. Prepare the dry ingredients by sifting flour, baking powder, allspice, ginger powder, nutmeg and salt in a bowl. Keep aside. Drain the rum-soaked dry fruits into a separate bowl and add 2 tbsp flour and mix well. This helps prevent them from sinking to the bottom of the cake while baking.
2. Preheat oven to 300°F.
3. Line parchment paper on the bottom of a 9-inch nonstick springform pan, along the sides extending 2 inches above the rim of the pan. Butter the paper throughout and set aside.
4. In the bowl of a stand mixer fitted with a paddle attachment, beat butter on high speed until smooth and creamy.
5. Add brown sugar and beat well. Add eggs one at a time and mix well.
6. Meanwhile, prepare the caramel syrup as instructed above, and add the cooled syrup to the cake batter and mix.
7. Add the dry ingredients alternating with rum, mix till it is blended well.
8. Now fold in the flour-coated dry fruits, and add nuts (slivered almonds and cashews) into the batter. Optionally you can reserve some nuts to garnish later.
9. Pour the batter carefully into the prepared pan and garnish top with nuts (optional). Bake for 1 hour and 45 minutes, until a skewer inserted in the center comes out clean.
10. Allow the cake to cool down for 30 minutes. Slice it and enjoy.
11. To store, you can wrap the cake in aluminum foil and keep in an air-tight container at room temperature for a week. Refrigerate thereafter.

Recipe Notes: Best to serve for Christmas parties.