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1
In a large mixing bowl, combine the crumbled bread with the milk, stir to mix and let stand for 1 hour.
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2
Meanwhile, preheat the oven to 200 degrees F. and place a 2 quart baking dish in it to heat up.
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3
In a small saucepan over medium high heat, combine 1 cup of the sugar, the butter, and water.
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4
Stir together until the mixture begins to bubble and turn a caramel brown color, about 10 to 12 minutes.
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5
Remove the baking dish from the oven and pour the caramel into it, swirling to coat the bottom and up the sides of the dish evenly.
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6
Set aside to cool.
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7
Turn the oven up to 325 degrees F. In another mixing bowl, beat together the eggs, remaining 1 1/2 cups sugar, and the vanilla until well blended.
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8
Stir the egg mixture into the bread and milk mixture, then stir in the oranges, almonds, and raisins.
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9
Pour the mixture into the prepared baking dish and bake on the middle rack of the oven for 1 1/2 hours.
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10
Cool slightly and serve warm, or cover with plastic wrap after cool and refrigerate for 30 minutes to 3 hours before serving.
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11
Note: To toast almonds, preheat the oven to 350 degrees F. Spread the almonds on a cookie sheet and toast in the oven until golden, 8 to 10 minutes.
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12
Set aside to cool.
