Preheat the oven to 350 degrees F (175 degrees C). Lightly grease a small glass baking dish.

Tear the donuts into bite-size pieces. Combine donut pieces and raisins in the prepared baking dish. In a medium bowl, use an electric mixer to blend together the eggs, evaporated milk, sugar, vanilla extract, and almond extract. Mix in the cinnamon and nutmeg. Pour the milk mixture over the donuts in the dish, and press down lightly to help absorption. Let stand for 15 minutes, or cover and refrigerate overnight.

Place the baking dish inside a larger baking dish, and fill the outer dish with enough water to go about halfway up the sides. A dishcloth may also be placed under the bread dish, to prevent drying.

Bake for 35 to 40 minutes in the preheated oven or until a knife inserted near the center comes out clean. Serve warm.