Preheat oven to 170 degrees C. Grease and flour a 20cm ring tin. Combine the flour, baking powder and salt; set aside.
In a large bowl, cream together the butter, cream cheese and sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla and almond essences. Beat in the flour mixture, mixing until just incorporated. Coat cherries with 1/4 cup flour then fold into batter. Spread into prepared pan.
Bake in the preheated oven for 80 minutes, or until a toothpick inserted into the centre of the cake comes out clean. Let cool in pan for 10 minutes, then turn out onto a wire rack and cool completely.