Preheat oven to 180 C (gas 4). Butter and flour bottom of a 23cm springform cake tin.
Beat the egg yolks with 150g sugar until light in colour and doubled in volume. Stir in milk, vanilla, flour and baking powder.
In a small bowl, beat egg whites until soft peaks form. Gradually add remaining 50g sugar. Beat until firm but not dry. Fold egg whites into yolk mixture. Pour into prepared tin.
Bake at 180 C for 45 to 50 minutes or until cake tester inserted into the middle comes out clean. Allow to cool 10 minutes.
Loosen edge of cake with knife before removing side of tin. 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 4 tablespoons of the double cream. Discard 250ml of the measured milk mixture or cover and refrigerate. Pour remaining milk mixture over cake slowly until absorbed. Whip the remaining double cream until it thickens and reaches spreading consistency. Ice cake with whipped cream and garnish with cherries.