Preheat the oven to 350F.
In a 9 inch round cake pan, add ¼ cup butter. Place the cake pan in the oven for 5 minutes, until butter is warmed.
Add brown sugar to the pan and stir to combine with butter, until all brown sugar has been moistened. Spread the brown sugar butter mixture evenly along the bottom of the pan.
Spoon peaches in an even layer over the brown sugar mixture. Dot surface with cherries.
In a medium bowl, combine flour, baking powder and salt. Set aside.
In a large stand mixer, beat ½ cup softened butter until fluffy. Add granulated sugar, egg, and vanilla extract and beat until combined.
Gradually add the flour and milk to the stand mixer and slowly beat until combined.
Spread batter evenly over the layer of peaches.
Bake for 45 minutes, or until a cake tester or toothpick comes out clean.
Cool in the pan on a wire rack for 5 minutes. Run a butter knife along the sides of the cake pan, loosening the cake from the sides. Carefully invert the cake onto a serving platter. Serve warm.