Preheat oven to 180°C (360°F) or 160°C (320°F) for fan-forced ovens. Grease and line 2 x 20cm (8in) pan with non-stick baking paper (parchment paper).
Whisk the eggs in a stand mixer or handheld mixer with the whisk attachment for 30 seconds on medium speed. With the mixer still running, slowly add in the sugar, then increase speed to medium-high and continue to whisk for 6 to 7 minutes or until light and pale.
Whilst the eggs are whipping, combine the dry ingredients, flour, baking powder and salt in a large bowl. Hand whisk a few times to combine the ingredients together and set aside for later.
Prepare the milk mixture - In a large microwave-safe jug/bowl, place in butter and milk and microwave for a couple of minutes just until butter melts. Take care not to boil the milk, then mix in the oil and vanilla. Set aside for later.
Once the eggs have finished whisking, reduce the mixer speed to low and slowly add in the dry ingredients just until combined. Mix for approximately 20 seconds or until dry ingredients have disappeared but don't over-mix the batter.
Scoop approximately a cup of batter from the stand mixer bowl and place it into the milk mixture. Whisking the milk mixture until it's completely smooth with no lumps.
With the mixer on low speed, slowly pour the milk mixture into the remaining batter and whisk for approximately 20 seconds. Remove the bowl from the mixer and scrape the sides and bottom of the bowl and fold in the mixture a few times using a spatula. The batter should be thin and quite runny.
Divide the batter evenly between the cake tins. Tap the tins against the kitchen bench a few times to get rid of any air bubbles. Bake the cake on the middle rack in the oven for 25 minutes or until a skewer comes out clean when inserted in the middle.
Place the cakes tins on top of a cooling rack for 15 minutes, then remove them from the tins and cool them upside down on the rack. The cakes will have some uneven colour on the sides and base, but this won't affect the taste. Leave cakes at room temperature until completely cooled before filling.
For the cream - Place cream, vanilla extract and icing sugar in a large bowl and whip on high speed using a hand or stand mixer until the cream is fluffy. Fold the chopped cherries into the cream.
If the cakes are a little uneven, slice a thin layer from to the top of the cake to level it up using a bread knife. Arrange the cakes on top of each other, one you're happy with how it looks, spread jam over the top of the base cake covering all edges. Place the cream over the jam and smooth it out evenly, then place the cake on top to sandwich the filling. Sift icing sugar over the cake and place more cherries on top if desired.