In a bowl, cream butter and sugar. Add egg; mix well. Add flour; mix until blended. Stir in walnuts. Press onto the bottom and 1-1/2-in. up the sides of a greased 9-in. springform pan. Refrigerate for 1 hour. Spread 1/4 cup preserves over crust. In a bowl, beat eggs and brown sugar until light and fluffy. Combine coconut, walnuts, flour and baking powder; fold into egg mixture. Pour into crust. Bake at 350° for 1 hour. Cool; remove sides of pan. Thin remaining preserves with water. Spread over torte.