1.Spray a 20cm x 30cm (8-inch x 12-inch) rectangular pan with cooking oil; use baking paper to line the base and long sides, leaving 5cm (2 inches) of paper hanging over the edges of the pan.
2.Put the condensed milk and chocolate in a medium saucepan; use a flour sifter to sift the icing sugar and cocoa into the pan. Put the pan on the stove and turn the heat on to low; stir the mixture until it is smooth. Turn off the heat. Add the cherries and 1⅓ cups (105g) of the coconut to the pan; stir them in. Put the mixture into the pan and spread it evenly with a spatula to cover the base of the pan, press the mixture down firmly with your hands to smooth the top; sprinkle the top of the slice with the rest of the coconut.
3.Cover the slice with plastic wrap; put the pan in the refrigerator for about 3 hours or overnight before cutting the slice into bars.
This recipe makes 50 bars. Store the slice in an airtight container for up to a week. To make toasted coconut, spread the coconut out onto an oven tray; put the tray into a heated 180°C/350°F oven and bake for about 3 minutes or until the coconut begins to brown.