Preheat oven to 350 and place 2 tablespoons of butter int the bottom of a round baking pan. Place the butter in the oven for a few minutes for it to melt as the oven preheats. Remove from oven, and add brown sugar and water and stir well. Spread evenly into the bottom of the pan.
Arrange pineapple and cherries around the pan. Start from the outside in.
Mix together flour, sugar and baking powder. Add milk, sugar, remaining butter, egg and vanilla. Beat with a mixer until batter is smooth. Gently spoon into the prepared pan trying not to disturb the fruit.
Bake for 30-40 minutes or until golden brown. Cool in pan before flipping over onto a serving plate and serving.