Step 1

Make jelly according to directions on packet; pour into shallow container. Refrigerate 20 minutes or until jelly is almost set.

Step 2

Arrange cake in 3-litre (12-cup) bowl; sprinkle over sherry.

Step 3

Blend custard powder, sugar and extract with a little of the milk in small saucepan; stir in remaining milk. Stir over heat until mixture boils and thickens. Cover surface of custard with plastic wrap; cool.

Step 4

Pour jelly over cake; refrigerate 15 minutes. Top with peaches. Stir 1/3 cup of the cream into custard; pour over peaches.

Step 5

Whip remaining cream; spread half over custard. Spoon remaining whipped cream into piping bag fitted with large fluted tube; pipe over top of trifle. Refrigerate 3 hours or overnight.

Step 6

Serve trifle topped with maraschino cherries, if you like.