In a bowl, combine flour, baking powder and butter. Add egg and milk; mix well. press into a greased 9-in. square baking pan. Spread with preserves; set aside. In a bowl, cream butter and sugar. Beat in egg and vanilla. Stir in coconut. Carefully spread over preserves. Bake at 350° for 25-30 minutes or until a toothpick comes out clean. Cool on a wire rack.