Thaw pastry sheet at room temperature for 30 min. Preheat oven to 400. Mix egg and water and set aside.
Unfold pastry on a lighly floured surface. Roll into a 14 inch square, cut off corners and make a circle. Spread preserves to within 1 inch of pastry edge. Sprinkle almonds over preserves. Top with cheese round. Brush edges of circle with egg mixture. Fold 2 opposite sides over cheese. Trim pastry to 2 inches from the edge of the cheese round from the remaining sides. Press edges to seal. Place seam-side down on baking sheet, brush with egg mixture.
Bake 20 minutes or until golden. Let stand for 1 hour. Serve with water crackers.