Preheat oven to 350°F. Lightly grease bottom and sides of a 9 inch springform pan.
In a medium bowl, whisk together flour, baking powder, baking soda and salt.
In a large mixing bowl, beat the butter and sugar until creamy and lemony colored, about 2 minutes.
Beat in egg and extracts. Add milk and yogurt and mix until smooth.
Slowly add flour mixture and mix until incorporated.
Fold in cherries and pour batter into the prepared springform pan.
Back at 350°F until the top is golden and a toothpick inserted in the center comes out clean.
Set on a cooling rack to cool for 15 minutes.
While the cake is cooling, place almonds in a skillet and heat over medium heat for 3 to 5 minutes until the nuts begin to toast. Remove from pan and set aside.
Slide a knife around the edges of the cake, then release the springform pan to prevent the cake from sticking to the sides.
In a small bowl combine the powdered sugar, almond extract and enough milk to make a slightly runny glaze. Spread the glaze over the cake allowing the it to drip down the sides.
Decorate the top with toasted almonds and extra dried cherries. Serve warm or at room temperature.