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Lightly and evenly grease a 25cm bundt tin with soft butter, making sure you get well into any flutes or ridges. Sift 1 tbsp flour over the tin, then tilt and turn the tin until the inside is completely covered with a very thin layer of flour. Tap to gather any excess at the bottom a few times as you go. Once the butter is coated, tap and tip out the excess flour. Heat oven to 180C/160C fan/gas 4.
For the marzipan middle, dust the work surface with a little more flour, knead the marzipan briefly, then work in the cherries and orange zest. Roll into a sausage about 3cm thick, then press the ends together to make a ring.
To make the cake, put the butter, flour, sugar, eggs, baking powder, almonds, spices and 1/4 tsp salt in a large bowl. Use an electric whisk to mix until smooth, then fold in the squash, fruit and walnuts.
Spoon half the batter into the prepared tin, then press the ring of marzipan on top. Cover with the rest of the batter and smooth the top. Bake for 30 mins then – without opening the oven – reduce to 160C/140C fan/gas 3 and bake for another 30 mins. The cake will be risen, golden and shrunk away from the sides when it’s ready. Cool in the tin for 15 mins, then give the tin a sharp tap on the bottom before turning the cake out onto a cooling rack.
To make the frosting, beat together half the cream cheese with the icing sugar and butter until evenly blended. When smooth, beat in the remaining cream cheese along with the milk and vanilla to make a thick, but still flowing, frosting – it should have a consistency similar to semi-whipped cream.
When the cake is cold, spoon over the frosting, letting it drip down the sides. Sprinkle with a little cinnamon, then chill for 10 mins to set the frosting a little. Decorate with whole cherries and walnuts. Keep in the fridge and eat within 5 days.