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Heat the oven to 160C/140C fan/gas 3. Butter and line a 900g loaf tin with baking parchment. Toss the cherries in 1 tbsp of the flour, then set aside.
Put the butter and sugar in a large bowl, and whisk until light and fluffy. Add the eggs, 1 at a time, mixing well between each addition. Fold in the remaining flour, the baking powder and ground almonds. Stir in the milk, the vanilla and almond extracts, and 100g of the chocolate with a spatula. Scrape half the cake mixture into the tin, scatter half the cherries over the top, then add the remaining cake mixture and the remaining cherries. Bake for 1 hr 10 mins or until a skewer comes out clean.
Cool in the tin for 10 mins, then remove and place on a wire rack to cool completely. Melt the remaining chocolate in the microwave in 20-sec bursts, then drizzle or pipe over the top of the cake and scatter with the almonds. Wait for the chocolate to set a bit before slicing. Will keep in the cake tin for up to three days.