Remove the crust from the bread slices, apply ½ tsp of butter on one side of each slice and cut each slice into 2 to 3 strips.
Arrange the bread strips with the buttered side facing up on a greased 200 mm. (8′) diameter oven-proof glass dish. Keep aside.
Combine the cornflour and sugar along with 1/4 cup of warm milk in a deep bowl and mix well till the sugar melts. Keep aside.
Boil the remaining 1 3/4 cups of milk on a slow flame and gradually add the cornflour-sugar mixture, while stirring continuously so that no lumps remain.
Add the vanilla essence, mix well and cook on a slow flame for 5 minutes or till the sauce thickens and becomes smooth, while stirring continuously. Remove from the flame and keep aside.
Sprinkle the walnuts and raisins on the bread strips and pour the sauce evenly over them.
Sprinkle the brown sugar evenly on top and pour the melted butter evenly over it.
Bake in a pre-heated oven at 180°c (350°f) for 35 to 40 minutes.