Preheat oven to 350 degrees F.
In large bowl with an electric mixer, mix butter until fluffy. Add half the flour, then add in order: brown sugar, lemon zest, juice and egg. To remaining flour add baking powder, baking soda, cinnamon and cloves. Combine both mixtures until just incorporated. Fold in cherries and pour into an ungreased 8 by 8-inch baking pan. Using a spoon, equally dollop preserves on top of batter and using a toothpick or skewer, drag the tip through the preserves to create a swirl pattern on top.
Bake for 30 minutes or until a toothpick inserted in center comes out clean; cake will be moist to the touch. Once cooled, cut into squares and dust with powdered sugar to serve.