2019 Integrated Report

PPS INTEGRATED REPORT 2019 | 129 8. CASH AND CASH EQUIVALENTS Group 2019 2018 R’000 R’000 Financial assets excluding third party assets 1 441 436 1 291 177 Unit trusts and pooled funds managed for third parties (note 15) 1 524 621 1 263 730 Total cash and cash equivalents 2 966 057 2 554 907 Cash at bank and in hand 479 034 467 382 Cash on call 2 487 023 2 087 525 Total cash and cash equivalents 2 966 057 2 554 907 The proportion of cash held to fund the working capital of the Group as part of the investment portfolio is 16.2% (2018: 18.3%) 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 6.50% (2018: 6.75%). 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 (2018: 2.6 times) which has resulted in R36.0 million (2018: R56.7 million) being allocated to accumulated funds in the current year from the surplus after tax. Additional allocations to accumulated funds arise from the surplus after tax and non-controlling interests of subsidiaries. 10. REVALUATION RESERVE Group 2019 2018 R’000 R’000 Opening balance 49 543 48 609 Revaluation surplus 8 750 5 038 Deferred tax (8 487) (390) Transfer to Long-Term Insurance Policy Liabilities (8 294) (3 714) Closing balance 41 512 49 543 Revaluation reserve consists of fair value gains/losses on the revaluation of owner-occupied properties. 11. NON-CONTROLLING INTEREST Group 2019 2018 R’000 R’000 Total Non-controlling interest 3 570 11 060 Non-controlling interest consists of a minority's share of the Net Asset Value of PPS Property Fund Trust.