Recipe by Victoria Dwek.
Preheat oven to 350 degrees Fahrenheit. Line two 9×13-inch baking sheets with aluminum foil, leaving an overhang. Grease well.
In the bowl of an electric mixer fitted with the whisk attachment, beat egg whites until soft peaks form. Set aside.
Replace whisk with paddle attachment. Add sugar and all the margarine to the bowl and beat until light and fluffy. Add almond paste and mix to combine. Slowly add flour and salt and mix until thoroughly combined. Fold in egg whites in two additions.
Divide the batter in half (I weighed each half using a digital scale so the halves would be equal). Add food coloring to one half.
Pour each half of the batter onto separate baking sheets. Spray a spatula with nonstick cooking spray to help spread the batter evenly, without sticking. Bake for nine minutes, or until cake is just firm. Let cool.
Heat jam in a small saucepan over medium low heat, until it is thin enough to spread. Using a pastry brush, brush one half of the cake with jam. Invert other half on top. Place baking sheet on top of both layers, and weigh down with a heavy object to compress (I used a few cans) for at least an hour.
Cake can be frozen at this point. Using a deep cookie cutter, cut out cake circles. Cutting a frozen cake will help minimize crumbs.
Place marshmallows in a large microwave-safe bowl and microwave on high for 30 seconds to 1 minute to start melting the marshmallows. Transfer to the bowl of an electric mixer fitted with the paddle attachment.
Add vanilla extract and water into the hot marshmallows and stir until the mixture is smooth. Slowly beat in the confectioners’ sugar, a cup at a time, until you have a sticky dough. Reserve 1 cup confectioners’ sugar for kneading.
Turn the dough out onto a working surface dusted with confectioners’ sugar and continue kneading until the fondant is smooth and no longer sticky to the touch, 5 to 10 minutes. Form the fondant into a ball, wrap it tightly in plastic wrap, and refrigerate overnight.
Remove fondant from refrigerator and allow to come to room temperature.
Dust your rolling surface and rolling pin completely with confectioners’ sugar. The fondant will stick to any surface that is not dusted. Roll fondant out (you can roll a piece at a time) to 1/8-inch thickness.
Using a wide mouthed glass, cut circles of fondant. Spread a thin layer of buttercream frosting to allow the fondant to stick to the cake. Drape fondant over the cake and press to seal.
Spread a thin layer of buttercream or royal icing in a circle on top of the fondant. Press in pearl dragées.
Cut additional flower shapes from the fondant scraps. For a three-dimensional effect, I layered two flowers on top of each other. Wet the end of a skewer and press into the centers of the flowers to seal them together. Press in a pearl dragee (it will stick when the fondant is wet). Attach flowers to the top of the pearls using royal icing.
Yields 12 small cakes. Fondant yields enough for double recipe.