Wash the peaches, peel them, and remove the pits. Set aside one peach for decoration.
Purée the remaining peaches in a blender. Add the sugar and blend until dissolved.
Soak the gelatin in the water, then melt it over low heat. Stir the melted gelatin into the peach purée.
Whip the heavy cream to stiff peaks. Gently fold the peach-gelatin mixture into the whipped cream, being careful not to deflate the cream.
Place the sponge cake layer in a cake pan and pour the peach cream mixture over it. Spread the top evenly.
Refrigerate the cake for at least 4 hours, or until the cream has set.
Remove the cake from the pan and decorate the top with the reserved peach slices. Serve chilled or store in the refrigerator.
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