1. Preheat the oven to 180°C.
2. Place all the ingredients except the peaches in a mixing bowl and stir well to remove all lumps.
3. Grease a ring mould cake tin with a little margarine or oil and pour ½ the cake batter into the mould, take the peaches and drain well but reserve the liquid, place them all around the ring mould and then top with the rest of the cake batter.
4. Place the cake in the oven on the middle shelf and cook for 20 minutes until golden brown.
5. Take the remaining syrup and bring to the boil, reduce by half, then pour over the top of the cake while it’s still warm.