Heat the oven to 350 F and line the bottom of an 8-inch springform pan with parchment paper. Whisk together the all-purpose flour, almond flour, baking powder and salt.
Beat the butter and sugar until pale and fluffy. Beat in the eggs one at a time, then mix in the milk, almond extract and vanilla. Fold in the dry ingredients.
Spread the batter in the pan and bake for 20 to 24 minutes, until lightly golden and set in the center. Cool completely in the pan.
Cook the cherries, sugar, cornstarch and lemon juice over medium heat for 7 to 9 minutes, stirring until thick and glossy. Cool completely, then spread over the cake while leaving a 3/4-inch border around the edge.
Sprinkle the gelatin over the cold water and bloom for 5 minutes. Heat 1/2 cup of the heavy cream until steaming, stir in the gelatin and pour the mixture over the white chocolate. Let it stand for 2 minutes, then stir until smooth.
Beat the cream cheese, vanilla and salt until smooth, then blend in the cooled white chocolate mixture. Beat the remaining heavy cream to medium peaks and gently fold it into the white chocolate base.
Spread the mousse around and over the cherry center, then smooth the top. Cover and refrigerate for at least 8 hours.
Release the chilled cake from the pan and decorate with fresh cherries and toasted sliced almonds.