Preheat oven to 350 degrees (F) and butter the bottom of a 9-inch springform pan.
Beat together the egg yolks and ¾ cup sugar until doubled in volume. Stir in milk, flour, vanilla and baking powder. In a small bowl, beat egg whites until peaks form.
Gradually add the remaining ¼ cup sugar. Beat the mixture until firm but not dry and fold in ⅓ of the egg whites to lighten it. Fold in the remaining egg whites into the yolk mixture. Pour your batter into prepared pan.
Bake in preheated oven for 45 to 50 minutes. Allow to cool10 minutes. Loosen the edge of your cake with a knife before removing the pan. Cool cake on a wire rack.
Put the cooled cake on a deep serving plate, then pierce the surface of the cake with a two-prong meat fork.
Mix the condensed milk, evaporated milk and ¼ cup of whipping cream. Set aside a cup of the measured milk mixture and refrigerate it for another use. Pour remaining milk mixture over the cake until absorbed.
Whip the rest of the whipping cream until thick. Frost cake with whipped cream and top with cherries. Store the cake in the refrigerator.