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1. Preheat the oven to 180°C, (160°C for fan ovens), Gas Mark 4.
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2. Mix together the condensed milk, cream, vanilla (or nutmeg) and water in a large jug. Rinse the rice well and then place in a large saucepan with the milk and cream mixture. Bring to the boil, reduce the heat and simmer for 10 minutes, stirring occasionally.
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3. Pour the rice mixture to the dish cover with foil and bake in the oven for about 1 hour or until the rice is cooked.
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4. Remove the rice pudding from the oven; the pudding will continue to thicken on standing
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For extra indulgence stir in a few extra spoons of cream when it comes out of the oven. Serve with your favourite jam!