In a small saucepan over medium heat, combine the cherries, granulated sugar, and water. Bring to a gentle simmer and cook until the mixture thickens slightly, about 5 minutes. Remove from heat and stir in the almond liqueur. Let cool for 15 minutes.

In a bowl, beat the mascarpone until smooth. In another bowl, whip the heavy cream with powdered sugar until soft peaks form. Gently fold the whipped cream into the mascarpone along with the vanilla and almond extracts.

Quickly dip each ladyfinger into the cooled cherry syrup—no more than 2 seconds per side—and arrange half in a single layer in a 9×9-inch pan.

Spread half of the mascarpone mixture over the ladyfingers, spoon half the cherry compote on top, then repeat layers with remaining ladyfingers, mascarpone, and compote. Dust the surface with cocoa powder.

Cover and refrigerate for at least 4 hours or preferably overnight until set and flavors meld.