Preheat the oven to 180 degrees C. Grease and flour a 23cm ring tin.
In a large bowl, combine the flour, baking power, bicarb soda, sugar, eggs, cherries, pineapple and walnuts and stir until just blended. Spoon into the prepared tin and spread evenly.
Bake for 40 to 45 minutes in the preheated oven or until the top springs back when lightly touched. Cool then invert onto a serving plate. While the cake cools mix together the butter, icing sugar and vanilla in a medium bowl with an electric mixer until fluffy. Add the cream cheese and beat until smooth. Ice when the cake is completely cool.