In a food processer, combine sugar, vanilla, margarine, coconut, cornstarch, coconut water, baking powder, flour, cinnamon, spice and nutmeg.

Process until smooth. Add raisins and process just until raisins are mixed in.

Place in oil-sprayed loaf pan. Make a well in the center and fill with coconut. Sprinkle on brown sugar and cinnamon.

Bake at 325 degrees for 30 – 40 minutes, or until a toothpick comes out clean. Garnish with coconut and cherries.