Preheat your oven to 350°F (175°C). Grease and flour a 9-inch round cake pan.
In a large bowl, cream together the softened butter and sugar until light and fluffy.
Add eggs, one at a time, beating well after each addition. Mix in the almond and vanilla extracts.
In another bowl, whisk together the flour, baking powder, baking soda, and salt.
Gradually add the dry mixture to the wet mixture, alternating with the milk, starting and ending with the flour mixture.
Gently fold in the pitted cherries, taking care not to break them up too much.
Pour the batter into the prepared cake pan and smooth the top.
Sprinkle the sliced almonds evenly over the top of the batter.
Bake for 30 to 35 minutes or until a toothpick inserted into the center comes out clean.
Once baked, remove the cake from the oven and let it cool in the pan for 10 minutes, then transfer to a wire rack to cool completely.