Preheat oven to 180°C and lightly grease a 24cm springform cake pan with a tightly fitting base, or grease and line the base of a regular 24cm round cake pan.
Place bread in a shallow container, pour over milk and soak for 30 minutes.
Place eggs, sugar, flour, vanilla and butter in a bowl and use a hand whisk to combine. Slowly add cream, beating well.
Squeeze bread, discarding milk. Place in cake pan, pressing down well. Lay apple over top in a circular pattern. Pour over egg mixture and leave to soak for 10 minutes.
Bake for 50 minutes until golden and cooked but still moist. Cool slightly in pan. Dust with icing sugar.
Serve warm with whipped cream or ice cream.
