Preheat oven to 350 degrees F (175 degrees C). Grease and flour a 9x13 inch pan.
In a large bowl, mix together the flour, sugar, baking powder and baking soda. Make a well in the center and pour in the oil, eggs, milk and vanilla. Mix well, then stir in nuts and cherries. Pour into prepared pan.
Bake in the preheated oven for 60 to 70 minutes, or until a toothpick inserted into the center of the cake comes out clean. Allow to cool.