9. Cash and cash equivalents Group 2022 2021 restated* R’m R’m Financial assets excluding third party assets under management 1 146 1 852 Unit trusts and pooled funds managed for third parties (note 16) 1 769 1 702 Total cash and cash equivalents 2 915 3 554 Cash at bank and in hand 1 909 2 320 Cash on call 979 1 224* Foreign currency translation reserve 27 10* Total cash and cash equivalents 2 915 3 554 * Foreign currency translation reserve has been disclosed separately. The proportion of cash held to fund the working capital of the Group is 65.4% (2021: 26.1%) 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 3.20% (2021: 3.47%). No cash is restricted and all cash is available for general use by the Company. 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 2.1 times (2021: 2.6 times) which has resulted in R49.3 million allocation from (2021: R6.9 million allocation 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 2022 2021 R’m R’m Opening balance 11 30 Revaluation surplus / (deficit) 1 (26) Deferred tax (1) 3 Transfer (to) / from Long-Term Insurance Policy Liabilities (10) 4 Closing balance 1 11 Revaluation reserve consists of fair value gains/(deficits) on the revaluation of owner-occupied properties. 12. Non-controlling interest Group 2022 2021 R’m R’m Total Non-controlling interest – – 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. 135 Notes to the Consolidated Financial Statements
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