Preheat the oven to 170°C bake and lightly grease a medium-sized baking dish.
Toast the fruit toast lightly, then spread each slice with butter.
If using jam, spread a thin layer over some of the slices. Arrange the bread in the prepared baking dish, slightly overlapping as you go.
In a large jug or bowl, whisk together the eggs, milk, cream, sugar, and vanilla essence until well combined.
Slowly pour the custard mixture over the bread, making sure all the slices are coated. Cover the baking dish with foil.
Place the pudding dish inside a larger roasting dish. Carefully pour hot water into the roasting dish until it reaches about halfway up the side of the pudding dish.
Bake for 30–40 minutes, take the foil off half way through cooking. Keep an eye on the pudding and take out when the custard is set and the top is lightly golden.
Allow to cool for 5–10 minutes before dusting with icing sugar.
Serve warm with cream, custard, or vanilla ice cream.