Combine the cherries, honey and lemon juice in a medium saucepan. Heat over medium and bring to a low simmer, stirring often. Whisk the arrowroot and water in a small bowl and slowly pour into the cherry mixture, stirring constantly. Cook for about 3-4 minutes, stirring constantly, until sauce thickens and will coat the back of a spoon. Remove the mixture from the heat, stir in almond extract, and then pour into a bowl and allow to cool. When cool, chill in the refrigerator for an additional 2 hours before serving.