Slice pound cake in half horizontally. Spread with jam and replace top of cake. Slice cake into 9 pieces. Line the sides and fill the center of a 2-qt. glass serving bowl with cake pieces. Prepare pudding with milk. Pour over cake. Chill. Beat cream and sugar until soft peaks form; spread over cake and pudding. Chill at least 4 hours. Garnish with almonds and cherries.