In a mixing bowl, combine ground beef, breadcrumbs, beaten egg, salt, black pepper, and milk. Mix well.
Form the mixture into meatballs and place them on a baking sheet.
Bake in the preheated oven for 20 minutes or until cooked through.
While the meatballs are baking, prepare the cherry sauce. In a saucepan, combine cherry preserves, ketchup, soy sauce, and apple cider vinegar. Heat over medium heat until the sauce is smooth and heated through.
Once the meatballs are done, pour the cherry sauce over them and serve.