Preheat your oven to 350°F (175°C) and grease and flour a 9-inch round cake pan.

In a large mixing bowl, beat the softened butter and granulated sugar together until light and fluffy.

Incorporate the eggs one at a time, mixing well before adding the next. Then mix in the almond and vanilla extracts.

In a separate bowl, whisk together the all-purpose flour, baking powder, baking soda, and salt. Gradually add to the butter mixture, mixing until just combined.

Gently fold in the halved cherries and sliced almonds.

Pour the batter into the prepared pan and smooth the top with a spatula.

Bake for 40-45 minutes or until a toothpick inserted into the center comes out clean.

Let the cake cool in the pan for 10 minutes, then transfer to a wire rack.

If desired, mix the powdered sugar, almond milk, and almond extract until smooth, then drizzle over the cooled cake.