PPS Integrated Report 2021 Notes to the Consolidated Financial Statements | 164 Notes to the Consolidated Financial Statements (continued) for the year ended 31 December 2021 9. CASH AND CASH EQUIVALENTS Group 2021 2020 Restated R’m R’m Financial assets excluding third party assets 1 852 1 097 Unit trusts and pooled funds managed for third parties (note 16) 1 702 1 209 Total cash and cash equivalents 3 554 2 306 Cash at bank and in hand 2 320 1 327 Cash on call 1 234 979 Total cash and cash equivalents 3 554 2 306 The proportion of cash held to fund the working capital of the Group is 26.1% (2020: 19.6%) 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 3.47% (2020: 4.20%). 10. 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 (2020: 2.6 times) which has resulted in R6.9 million (2020: R30.7 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. 11. REVALUATION RESERVE Group 2021 2020 R’m R’m Opening balance 30 42 Revaluation deficit (26) (15) Deferred tax 3 2 Transfer from Long-Term Insurance Policy Liabilities 4 1 Closing balance 11 30 Revaluation reserve consists of fair value gains/(deficits) on the revaluation of owner-occupied properties. 12. NON-CONTROLLING INTEREST Group 2021 2020 R’m R’m Total Non-controlling interest – (11) Non-controlling interest 2020 consisted of a minority's share of the net asset deficit of PPS Property Fund Trust. On 7 December 2021, PPS Insurance Company Limited acquired the remaining 26% beneficial interest in the Trust, thereafter owning 100% of the beneficial interest.
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