In a medium saucepan, combine 2 cups of water, 1 cup raisins, 1 ½ cups dried apricots chopped and ¼ cup sugar cover and simmer for 15 minutes. Set aside to cool completely to room temperature and drain.
Cream the margarine, cream cheese, white sugar, vanilla and almond flavouring.
Beat in the eggs, one at a time, and beating well after each addition.
Sift together the flour and baking powder.
Fold half of the dry ingredients into the creamed mixture.
Fold in the cooled boiled apricot mixture.
Fold in the remaining dry ingredients.
Fold in the cherries and dried fruit.
Bake in a greased and floured tube pan at 275 F for 2-2 ½ hours or until done.
Cool in the pan(s) for a 10 minutes before turning out onto a wire rack to cool completely.
Store in a cake tin or other airtight container. Freezes well too.