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Grease the bottom only of a 10-inch tubed pan. Line with waxed paper cut to fit the bottom; grease the waxed paper. Set aside.
Make the cake: Sift flour, baking powder, and salt together. Cream butter with extracts. Add 1 cup sugar gradually, creaming until fluffy. Beating only until smooth after each addition, alternately add dry ingredients in fourths and milk in thirds to the creamed mixture. Stir in almonds.
Beat egg whites until frothy; add 1 cup sugar gradually, beating well. Continue beating until stiff peaks are formed. Gently fold meringue into batter just until blended. Turn batter into prepared pan and spread evenly.
Bake at 350 degrees F (177 degrees C) for about 1 hour, or until the toothpick test comes out clean.
Remove from the oven and cool for 15 minutes in the pan on a wire rack. Remove from the pan and cool completely.
Make the Fluffy White Frosting: Combine all frosting ingredients except extract in the top of a double boiler. Set over boiling water and beat with a hand rotary or electric beater for about 8 minutes, or until soft peaks are formed when the beater is lifted upright.
Remove from water and add extract; beat 1 minute.
Frost completely cooled cake with Fluffy White Frosting. Decorate with candied cherries.