Preheat the oven to 160C/325F/gas mark 3
Use a 20cm/8 inch ring tin.
Thoroughly grease and flour the ring tin. Sift the flour, allspice, baking powder and bicarb. together into a bowl. Stir in the walnuts and apricots. Warm the syrup, malt and sugar in a pan over low heat. Add the milk. Make a well in the centre of the dry ingredients and pour in the syrup mixture. Beat well to give a smooth, soft dropping consistency.
Pour into the prepared tin and bake in the centre of the preheated oven for 1 - 1 1/4 hours or until golden brown and firm. Carefully turn out onto a wire rack to cool.
Icing and Decoration: Combine the icing sugar with enough hot water to give a thick, spreading consistency. Pour over the ring. Decorate with glacé cherries. Makes one 8 inch ring cake