Preheat the oven to 400°F. Grease a 9x12-inch casserole dish.
Slice or cube rolls or bread slices. Put them into a bowl and cover with milk, stirring gently and sitting for about 10 minutes to soak.
In a large bowl, beat together the eggs, granulated sugar, cinnamon, vanilla and almond extracts. Gently stir in the milk-soaked bread and well-drained cherries.
Transfer to the prepared baking dish and bake for about 25-30 minutes or until the top is golden brown and the center is set.
Cool slightly if you’d like to serve it warm, or cool completely to room temperature. Dust the top with powdered sugar before serving.