Preheat your oven to 350°F (175°C). Grease and flour a 9-inch round cake pan or springform pan.

Prepare the topping: Pour the melted butter evenly over the bottom of the prepared pan. Sprinkle the brown sugar evenly over the butter. Arrange the drained peach slices decoratively over the sugar mixture, and place a cherry in the center of each peach slice, if using.

Make the dry ingredients: In a medium bowl, whisk together the flour, baking powder, and salt. Set aside.

Make the cake batter: In a large bowl, cream together the softened butter and granulated sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla extract.

Combine wet and dry: Alternate adding the dry ingredient mixture and the milk (along with the reserved peach juice) to the butter mixture, beginning and ending with the dry ingredients. Mix only until just combined; do not overmix.

Pour the batter carefully and evenly over the peach topping in the pan. Bake for 45 to 50 minutes, or until a wooden pick inserted into the center comes out clean.

Cool and invert: Let the cake cool in the pan on a wire rack for exactly 10 minutes. Place a serving plate or platter upside-down over the cake pan. Carefully and quickly invert the cake onto the platter. If any fruit sticks, gently place it back into position. Serve warm or at room temperature.