2020 INTEGRATED REPORT

8. CASH AND CASH EQUIVALENTS Group 2020 2019 R’m R’m Financial assets excluding third party assets 1 097 1 441 Unit trusts and pooled funds managed for third parties (note 15) 1 790 1 525 Total cash and cash equivalents 2 887 2 966 Cash at bank and in hand 451 479 Cash on call 2 436 2 487 Total cash and cash equivalents 2 887 2 966 The proportion of cash held to fund the working capital of the Group is 15.6% (2019: 16.2%) of total cash and cash equivalents. The balance of the cash is held as part of the investment portfolio. The effective interest rate earned was 4.20% (2019: 6.50%). 9. ACCUMULATED FUNDS The accumulated funds balance represents the amount of reserves which is not distributable as this is part of the amount the Group must retain to cover the regulatory capital cover requirement. The Group has maintained its level of regulatory capital cover at 2.6 times (2019: 2.6 times) which has resulted in R30.7 million (2019: R36.0 million) being allocated to accumulated funds in the current year from the surplus after tax. Additional allocations to accumulated funds arise from the surplus/(deficit) after tax and non-controlling interests of subsidiaries. 10. REVALUATION RESERVE Group 2020 2019 R’m R’m Opening balance 42 50 Revaluation (deficit)/surplus (15) 9 Deferred tax 2 (9) Transfer from/(to) Long-Term Insurance Policy Liabilities 1 (8) Closing balance 30 42 Revaluation reserve consists of fair value gains/losses on the revaluation of owner-occupied properties. 11. NON-CONTROLLING INTEREST Group 2020 2019 R’m R’m Total Non-controlling interest (11) 3 Non-controlling interest consists of a minority's share of the net asset value/(deficit) of PPS Property Fund Trust. PPS INTEGRATED REPORT 2020 | 153