1. Make a simple syrup by combining water, sugar, and extracts in a small saucepan. Simmer until sugar has dissolved; cool completely.

2. Make a sweet cream by incorporating heavy cream and confectioners sugar in an electric mixer. Whip until cream has inflated slightly but is still loose in consistency. Add the mascarpone cheese and gently whip until mixture has thickened.

3. Drain the cherries, retaining the liquid in a separate bowl. Remove the stems, and chop roughly. Add cherries back to liquid and set aside.

4. Slice the panettone loaf into 1 ½ inch slices. Lay each side flat and brush ½ of the simple syrup over each slice, brushing the liquid evenly. Gently flip slices and use the remaining syrup to coat the opposite side of each slice. Cube the bread.

5. Assemble the trifle. Start with the cubed panettone; place the pieces in an even layer on the bottom of the bowl. Top the bread with a little less than half of the cream mixture. Be sure that all of the bread has been covered. Top the cream with a few spoonfuls of cherries.

6. Repeat the layering process and use the remaining cream to finish the trifle. Top with a few more spoonfuls of cherries. Reserve the remaining cherries to be used as each serving is separated. (If serving to guests, each person can top their trifle with the desired amount of cherries!