Toast the almonds until golden brown, and roughly chop.
Heat the cream, sugar and almonds in a saucepan until the sugar is dissolved. Remove from heat, and let sit for 30 minutes. Pour through a fine mesh strainer lined with a dishcloth, reserve liquid and discard almonds. Rewarm liquid, add almond extract.
Lightly oil four custard cups with a neutral oil.
Sprinkle the gelatin over the cold water in a medium bowl and let stand 5 to 10 minutes. Add gelatin to warm cream mixture, and stir until gelatin is completely dissolved.
Divide among custard cups, and chill at least 2 hours or until firm. Run a sharp knife around the edge of the cup to unmold. Serve with rhubarb compote.
Notes
Adapted from David Lebovitz
Recipe by The Domestic Front at http://www.thedomesticfront.com/blancmange-toasted-almond-panna-cotta-with-rhubarb/