Preheat your oven to 350°F (175°C). Grease and flour a 9x13-inch pan

In a large bowl, cream together the butter and granulated sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla and almond extracts

Combine the flour, baking powder, and salt; add to the cream mixture alternately with the milk. Fold in the chopped cherries

Pour the batter into the prepared pan and spread evenly

Bake for 30-35 minutes, or until a toothpick inserted in the center comes out clean. Let the cake cool completely

For the frosting, beat the cream cheese and butter together until soft. Gradually mix in the powdered sugar, then add the cherry preserves and vanilla extract. Mix until well combined

Spread the frosting over the cooled cake. Store in the refrigerator until ready to serve