Preheat oven to 350 degrees F (175 degrees C). Lightly grease a 9x5 inch loaf pan.
In a large bowl, stir together flour, sugar, baking powder, baking soda and cinnamon. In a separate bowl, beat together egg, applesauce and butter. Stir applesauce mixture into flour mixture just until combined. Fold in walnuts and raisins; pour batter into prepared loaf pan.
Bake in preheated oven for 45 minutes, until a toothpick inserted into center of the loaf comes out clean. Allow to cool before slicing.