1.Preheat oven to 180°C (160°C fan-forced). Grease deep 22cm-round cake pan, line with baking paper.
2.Beat butter, extract and sugar in medium bowl with electric mixer until light and fluffy. Beat in eggs, one at a time. Stir in sifted flours and milk, in two batches. Stir in sultanas and cherries. Spread mixture into pan.
3.Bake cake about 1 hour. Stand in pan 5 minutes, turn, top-side up, onto wire rack to cool.
4.Meanwhile, make coconut frosting. Sift icing sugar into medium bowl, stir in coconut and egg white until combined. Tint lightly with pink colouring.