In reply to Paul Baxter:
Coulple of options if you just have a rope.
1) In the end of the rope tie a big loop, big enough to go over the spike. Move yourself to a safe position above your team, preferably where you can see them. Run the rope from the boulder and throw the other end down to your team. Sit down. Tie a slightly smaller loop in the rope , just big enough for you to step into and pull up to your waist. The loop should be in a position such that if you lean forward the rope between you and the spike/anchor is tight. Have the person who is climbing tie into the end of the rope (Let us assume s/he is very confident at this and knows what s/he is doing, if not then you are going to have to tie a loop in before you throw the rope down). Pull up all the slack between you and the climber. Create a 'waist belay'. Google waist belay for the pictures.
2) If the spike is quite close to the edge then when you make the loop to go over the spike then make it a little bigger. The you can also get in that loop as well. Belay as 1.
The anchor, as in all belay situations, is paramount here. The anchor has to be solid. Kick it, tap it, feel for vibration, is it part of the bedrock or is it just a boulder sat on top, is the rock heavily crack all around it? If you don't trust it then look for another.
The rope needs to sit well onto the anchor, no chance of it rolling off. A good way to check this is to gently 'saw' the rope side to side. If it works its way up and off the anchor then its no good.
Hope this helps a little.
Post edited at 09:02