Preheat the oven to 350°F (175°C or 165°C for fan ovens, Gas Mark 4).
Grease or line a 2 lb (8½ x 4¼x 2½ inch) loaf pan.
Remove the pits from the cherries and cut each one in half.
Put the cherries in a small bowl, sprinkle the 1 teaspoon flour over top and toss gently.
Sift the 1½ cups flour, baking powder and salt into a medium bowl.
Stir in the sugar. Set the dry ingredients aside.
In a large bowl, whisk together the yogurt, eggs, vanilla and oil.
Add the wet ingredients to the dry ingredients in two additions, whisking between additions.
Beat gently until the batter is relatively smooth.
Gently fold in the flour coated cherries.
Pour the batter into the loaf pan and bake for 40 to 50 minutes or until a tester inserted in the center of the cake comes out clean.
Cool in the pan for 20 minutes before removing the cake and placing it on a wire rack to cool completely.
When the cake is cold, prepare the glaze.
Place the icing sugar in a small bowl and whisk in the maraschino cherry juice.
Gradually whisk in the water, a bit at at time, until a smooth, drizzle-able consistency is reached.
Whisk in the food colouring, if using.
Place a piece of parchment or waxed paper underneath the rack the cake cooled on and drizzle the glaze over the cake.
Allow the glaze to set before slicing and serving the cake.