To prepare compote, combine first 6 ingredients. Cover and chill for 8 hours or overnight.
To prepare the French toast, arrange bread in a single layer in a 13 x 9-inch baking dish coated with cooking spray. Combine light coconut milk, egg substitute, 1/2 cup sugar, and 1 tablespoon vanilla, stirring with a whisk, and pour evenly over bread. Turn the bread over to coat. Cover and refrigerate for 8 hours or overnight.
Preheat oven to 350°.
Remove bread mixture from refrigerator, and uncover. Turn bread slices over, and sprinkle evenly with flaked coconut. Let stand at room temperature 15 minutes. Bake, uncovered, at 350º for 30 minutes or until coconut is golden. Serve warm with fruit compote.