Grease a 6cm-deep, 20cm (base) square cake pan. Line with baking paper, allowing a 5cm overhang on all sides. Combine muesli, cherries, almonds, oats and coconut in a large bowl.
Combine milk and butter in a saucepan over medium heat. Cook, stirring, for 4 to 5 minutes or until smooth. Add to muesli mixture. Stir to combine. Press mixture into prepared pan. Smooth top. Cover. Refrigerate overnight or until set.