Preheat oven to 350 degrees F (175 degrees C). Grease and flour a 9x13-inch pan.
Beat together the white sugar and butter. Add the eggs and 1 teaspoon vanilla. In a separate bowl, combine the flour and baking powder. Add the flour mixture alternately with the milk.
Pour the batter into the prepared pan and bake in the preheated oven until a toothpick inserted in the center comes out clean, about 30 minutes. Cool cake completely on wire rack.
Combine the brown sugar, egg whites, water, and salt in a heat-proof bowl. Place the bowl over a saucepan of boiling water and beat with an electric mixer. Cook the frosting, beating constantly, for 10 minutes, or until the frosting will stand in peaks. Remove from heat and add 1 teaspoon vanilla. Beat until thick.
Spread the frosting on the cooled cake. To decorate, place one large raisin in each corner. Then place toasted almonds, toasted pecans, and red and green cherries all over the cake.