Preheat oven to 180 degrees C. Butter and flour the base and sides of a 23cm springform pan.
Cream the egg yolks with 3/4 cup sugar until light in colour and doubled in volume. Stir in milk, vanilla, flour and baking powder. In a medium bowl, beat egg whites until soft peaks form. Gradually add remaining 1/4 cup sugar. Beat until firm but not dry. Fold egg whites into yolk mixture. Pour into prepared pan.
Bake in preheated oven for 45 to 50 minutes or until a fine skewer inserted into the centre comes out clean. Allow to cool 10 minutes. Loosen edge of cake with knife before unclipping side of pan. Cool cake completely. Place on a deep serving plate. Use a two prong meat fork or cake tester to pierce surface of cake.
Mix together condensed milk, evaporated milk and 1/4 cup of the cream. Discard 1 cup of the measured milk mixture or cover and refrigerate. Pour remaining milk mixture over cake slowly until absorbed. Whip the remaining cream until it thickens and reaches spreading consistency. Using a spatula, cover the cake completely with whipped cream and garnish with cherries.