Preheat the oven to 180C/350F/Gas 4. Line a 12-hole muffin tin with paper cases.
For the cupcakes, cream the margarine in a bowl until light and fluffy. Add the remaining ingredients, except the raspberry jam, and mix until well combined.
Spoon the mixture into the cases and bake for 15-20 minutes, or until risen and golden-brown and a skewer inserted into the middle comes out clean. Remove from the oven and set aside to cool for 10 minutes.
For the icing, mix the icing sugar and lemon juice together in a bowl until smooth.
Using an apple corer, carefully remove the middle of the cupcakes. Fill the holes with the raspberry jam.
Carefully spoon the icing onto the top of each cake until the icing reaches the sides of the cake case and top with a cherry.