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Preheat oven to 350 degrees F (175 degrees C).
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Butter and flour bottom of a 9 inch springform pan.
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Beat the egg yolks with 3/4 cup sugar until light in color and doubled in volume.
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Stir in milk, vanilla, flour and baking powder.
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In a small bowl, beat egg whites until soft peaks form.
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Gradually add remaining 1/4 cup sugar.
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Beat until firm but not dry.
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Fold egg whites into yolk mixture.
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Pour into prepared pan.
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Bake at 350 degrees F (175 degrees C) for 45 to 50 minutes or until cake tester inserted into the middle comes out clean.
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Allow to cool 10 minutes.
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Loosen edge of cake with knife before removing side of pan.
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Cool cake completely; place on a deep serving plate.
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Use a two prong meat fork or cake tester to pierce surface of cake.
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Mix together condensed milk, evaporated milk and 1/4 cup of the whipping cream.
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Discard 1 cup of the measured milk mixture or cover and refrigerate.
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Pour remaining milk mixture over cake slowly until absorbed.
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Whip the remaining whipping cream until it thickens and reaches spreading consistency.
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Stir in almond extract.
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Frost cake with whipped cream and garnish with cherries.