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Preheat oven to 180C.
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Grease and flour a guglhupf or
decorative ring tin.
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Sift together flour and baking powder
and set aside.
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In a medium mixing bowl, beat together
butter, sugar and vanilla until fluffy.
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Add eggs, one at a time, beating well
after each addition.
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Beat in cocoa.
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Add milk alternately with sifted dry
ingredients in three lots, beating well after each addition.
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Pour into prepared tin and bake for
about 1 hour until a skewer inserted in the centre of the cake comes
out clean.
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Cool cake in tin for 2 minutes.
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Turn out on a wire rack to cool
completely.
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To prepare topping: in a small bowl,
stir together sugar, vanilla and enough water to make a smooth
glaze.
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Spoon over top of cooled cake.
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Cut up chocolate and melt with butter
in a bowl over very warm water.
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Stir until smooth.
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Drizzle over glaze to make a
decorative two-toned pattern.
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Stand until set.