Preheat the oven to 325°F. Butter and flour a tube pan with a removable bottom or spray liberally with baking spray. Set aside.

Using an electric mixer on medium-high cream together the butter, cream cheese, vanilla and almond extracts.

Gradually add the sugar beating for 2 minutes until fully combined.

Lower the speed of the mixer and add the eggs one at a time beating well after each addition.

In a separate bowl, sift together the flour, baking powder and salt. Gradually add to the creamed mixture. Beat until the ingredients are fully incorporated, stopping to scrape the sides of the bowl as needed. Add a few drops of food coloring. (There's no wrong amount add until your desired color depth is reached)

Roughly chop the maraschino cherries. Mix into the batter by hand along with the white chocolate chips.

Spread the batter evenly into the prepared pan.

Bake for 1 hr 30- 1 hr 45 minutes or until a tester inserted into the center comes back clean. Check at 1 hr 15 minutes and lay a piece of aluminum foil on top to prevent over browning, if needed.

Cool on a cooling rack in the pan for 20 minutes then remove the outer ring. Cool completely.

To glaze: Mix together 1 1/2 cup powdered sugar, 2 Tbsp heavy cream and 1 Tbsp reserved cherry juice. Stir until smooth. Add additional juice 1 tsp at a time until drizzling consistency. Add 2 drops of food coloring, more or less to your preference. Drizzle over the cooled cake.

Garnish with whipped cream and maraschino cherries just before serving.

May be stored tightly covered chilled or at room temperature.