The ride was not a competitive event, so there would be no sense in having a trophy, for instance, however, as a non-participant, I think that it would be nice to have a medal that would act as a souvenir. for all entrants, and it might help motivate people to ride again next year. It might also attract more entries. Nothing like 'winning' a medal to fire people up.
A quick Google gives a suitable medal with a cyclist on the front, and up to 40 characters engraves on the back costing £2.50, and no doubt thee are some here who could do better than that.
I would be very proud if I had such a memento of Mike.
Maybe next year.
Charging an entry fee to cover the costs might also encourage people to turn up, and actually ride.
Just my pesonal thoughts.
OOH! Wearing my medals would really attract the babe's