2020 INTEGRATED REPORT

b. Deferred tax liabilities Group Deferred tax liability on revaluation of investments Deferred tax liability on cumulative revaluation of land and buildings Total R’m R’m R’m At 1 January 2019 54 3 57 Recognised in profit or loss 72 – 72 Recognised directly in equity – 9 9 At 31 December 2019 126 12 138 Recognised in profit or loss 258 – 258 Recognised directly in equity – (2) (2) At 31 December 2020 384 10 394 18. RETIREMENT BENEFIT OBLIGATIONS Group 2020 2019 R’m R’m Statement of Financial Position obligations for: – post-retirement medical benefits 6 6 6 6 Statement of profit or loss and comprehensive income charge for (note 27): – post-retirement medical benefits 1 1 1 1 Post-employment medical benefits The Group provides for the unfunded post-retirement healthcare benefits of those employees and a small number of retirees employed before 4 October 1999, as well as their spouses and dependants. The entitlement to post-retirement healthcare benefits is based on an employee remaining in service up to retirement and completion of a minimum service period. The amounts recognised in the Statement of Financial Position were determined as follows: Group 2020 2019 R'm R’m Present value of unfunded obligations 6 6 Liability in the Statement of Financial Position 6 6 The latest actuarial valuation of the Group’s post-employment benefits, carried out at 31 December 2020 indicated a present value of projected future benefits amounting to R5.9 million (2019: R5.7 million). PPS INTEGRATED REPORT 2020 | 165