Preheat the oven to 180C/350F/Gas 4.
Mix the cream with the milk and add the sugar and saffron strands.
Whisk the eggs and add them to the cream mixture.
Butter a deep oven-proof dish 15cm x 22cm/6in x 9in, place a layer of bread at the base, then sprinkle over some papaya and nuts.
Add another layer of bread then some more nuts and papaya.
Pour the cream mixture over the bread and put the dish into the oven for 30-35 minutes. Cook until the surface is a rich golden brown.
Serve immediately.
