Slice the bread and toast lightly. Heat the butter in a frying pan and fry the toast for 2-3 minutes until golden. Drain on absorbent paper then arrange the slices in a shallow flameproof casserole.
Put the cherries and water in another pan, bring to the boil, add the sugar and stir. Simmer very gently, uncovered, for 10 minutes, then pour over the bread. Cover and simmer for another 5