Stir together flour, baking powder and salt. Set aside.
In large mixing bowl, combine KELLOGG'S ALL-BRAN cereal, sugar, milk, water and molasses. Add flour mixture, stirring only until combined. Stir in walnuts and raisins. Spread in 9 x 5 x 3-inch loaf pan coated with cooking spray.
Bake at 350° F about 1 hour or until wooden pick inserted near center comes out clean. Cool 10 minutes in pan. Remove from pan and cool completely on wire rack.Yield: 1 loaf, 16 slices