Preheat the oven to 170 degrees Celsius. Line a 2lb loaf tin with a loaf tin liner or baking paper.
In a large bowl, cream together the butter and sugar. Crack in the eggs one at a time, beating thoroughly between each one.
Cut 5 of the glacé cherries into small pieces. Add to the bowl along with the flour and ground almonds and fold in.
Spoon 2/3 of the batter into the cake tin. Add the jam in dollops, then top with the rest of the batter, ensuring the jam is completely covered.
Put in the oven for 50 minutes until risen and golden and a skewer inserted into the centre comes out clean.
When baked, remove from the oven and allow to cool completely.
Put the icing sugar into a bowl and add water, a teaspoon at a time, and stir until you have a thick paste.
Drizzle or spread the icing over the top of the cooled cake. Sprinkle over the flaked almonds and remaining glacé cherries.