Step 1: Keep bread in the refrigerator to dry out.
Step 2: Add in sugar, milk and vanilla extract to a small pot. Cook on a medium heat until the sugar is dissolved. Set aside and leave it to cool until room temperature.
Step 3: Spread butter on one side of each slice, then cut the bread into triangular quarters. Arrange a layer of bread with buttered-side up at the bottom of a greased dish.
Step 4: Add in raisins and a sprinkle of cinnamon powder. Then, finish with the top layer by repeating with bread, raisins and cinnamon powder.
Step 5: In a mixing bowl, beat eggs lightly. Pour in milk mixture in step 2 and stir well. Strain the mixture into another clean bowl.
Step 6: Gently pour the milk mixture over the top and sides of the bread. Let it soak for 30 minutes. To make sure the top layer of bread is fully soaked up with the liquid, use a spoon to press the bread down once or twice.
Step 7: Place the dish on a baking tray and add hot water to fill up half of the dish. Bake at 180 °C for 25 minutes and 160 °C for 10 minutes.
Step 8: Remove the baking dish from the oven and brush a layer of honey over the top of the bread. Bake a further 2 minutes until the top is golden brown and the custard is set. Allow it to cool and firm up slightly before serving.