1. Combine Raisin Bran, milk, egg and shortening; beat well.
2. Sift together flour, sugar, baking powder and salt. Add to Raisin Bran mixture, stirring only until combined. Fold in well drained cherries and nuts. Spread in greased 8 1/4-inch ring mold, filling about 2/3 full.
3. Bake in moderately hot oven (400° F.) about 30 minutes or until done.
4. Turn out of ring mold. Frost with thin confectioners sugar icing. Decorate with additional cherries and nuts.