Preheat the oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.
In a large mixing bowl, cream together the butter and sugar until light and fluffy.
Add the eggs one at a time, mixing well after each addition.
Stir in the vanilla extract.
In another bowl, combine the flour and baking powder.
Gradually add the dry ingredients to the wet mixture, alternating with the milk.
Fold in the cherries gently to distribute them evenly.
Divide the batter between the prepared pans.
Bake for 30-35 minutes, or until a toothpick inserted into the center comes out clean.
Let the cakes cool in the pans for 10 minutes, then transfer to a wire rack to cool completely.
Whip the heavy cream with powdered sugar until soft peaks form, then frost the cooled cakes.