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