Line the base and sides of a 20cm cake pan with removable base with baking paper. Place biscuits in the bowl of a food processor and pulse until fine crumbs have formed. Add coconut and butter, mixing until just combined. Press into the base of prepared pan and refrigerate until required.
Pour boiling water over gelatine and stir. Microwave for 25 seconds until mixture is just boiling. Set aside to cool.
Place cream cheese and sugar in the bowl of an electric mixer, beat until smooth. Add cooled gelatine mixture and mix in well. Add the melted chocolate, mixing until well combined. Remove from mixer and fold in whipped cream and cherries. Pour over the biscuit base and refrigerate for 2 hours until set and firm.
For chocolate sauce, heat cream and sugar in a small saucepan until sugar has dissolved and cream is hot. Pour over chocolate and slowly stir until chocolate is melted and smooth. Allow to sit for 5 minutes before drizzling over cheesecake. Top with cherries.