Prepare the fruit mixture: In a large saucepan, combine the water, raisins, and chopped dried apricots. Heat the mixture until it reaches a rolling boil, then lower the temperature to let it gently simmer for about 10 minutes. Once done, take it off the heat and let it cool down entirely.

Prepare the batter: In a spacious bowl, combine the softened butter, cream cheese, and sugar, mixing until the texture is airy and smooth. Incorporate the eggs one at a time, ensuring each one is fully blended before adding the next. Then, fold in the vanilla extract.

Mix dry ingredients: In another bowl, mix the all-purpose flour with the baking powder using a whisk. Slowly incorporate the dry mixture into the butter blend, stirring gently until everything is just combined.

Fold in the fruit and nuts: Gently fold in the cooled fruit mixture, chopped glacé cherries, mixed peel, and chopped walnuts until evenly distributed throughout the batter.

Bake the cake: Preheat your oven to 325°F (160°C). Prepare a 9x5-inch loaf pan by greasing it and placing a sheet of parchment paper inside. Carefully transfer the batter into the pan, using a spatula to level the surface. Bake for 1 1/2 to 2 hours, or until a toothpick inserted into the center of the cake comes out clean. If the top begins to brown too quickly, cover it with aluminum foil halfway through baking.

Cool and serve: Allow the fruitcake to cool in the pan for 10 minutes before transferring it to a wire rack to cool completely. Wrap the cooled cake in plastic wrap and store it in an airtight container. For best results, let the flavors develop over a few days before serving.