Fungal diseases are more typically found in older trees. The fruiting bodies are evidence of unseen decay inside the tree which is weakening the tree. Nothing can be done for the tree to reverse the problem once it is infected. I am unable to identify the specific fungus that caused this problem from the photos. Regardless, the treatment options are the same. If the fungus is only on a branch and the rest of the tree appears healthy, remove that branch using proper pruning techniques. If the tree is located where falling branches or the entire tree falling would present a hazard, it should probably be removed for safety sake. UC Davis IPM website has a page for Wood Decay Fungi in Landscape Trees. It describes how to prune an infected branch. Penn State University Extension has a webpage for Tree Diseases that Create Hazards. It describes the activity pattern of fungi as well as the symptoms and management of the disease. Both these resources will help you make a sound decision regarding your cherry tree.