Preheat oven to 170 C / Gas 3. Grease and flour a 20cm tube cake tin, or bundt tin. Mix together 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 extract. Beat in the flour mixture, mixing just until incorporated. Dredge cherries in 4 tablespoons flour, then fold into mixture. Spread into prepared tin.
Bake in the preheated oven for 80 minutes, or until a skewer inserted into the centre of the cake comes out clean. Let cool in tin for 10 minutes, then turn out onto a wire rack and cool completely.