made a one-off additional contribution of £1.5 million on top of the scheduled payment of £1.6 million. Citizens Advice operates a defined contribution scheme. New staff are automatically enrolled into the scheme and employer contributions are charged as they are incurred. Investments As required in our Memorandum, national Citizens Advice has the power to invest monies not immediately required for its purposes in or upon such investments, securities or property as may be thought fit. Citizens Advice’s investment strategy is to manage the charity’s cash flows and investments, controlling the associated risks to maximise income with minimal risk. At the year end all such funds are held as fixed-term cash deposits, notice accounts or immediately available cash and are held in UK-based institutions with strong credit ratings. Where risk or return is not negatively impacted, we hold funds as “green” treasury deposits. Our investment policy is reviewed at least annually. Going concern The financial position and performance have been outlined in the financial review. The trustees have assessed our position and concluded that Citizens Advice is well-placed to meet our liabilities as they fall due and to manage the business risks we face. This position is supported by a strong cash flow, sufficient reserves, good relationships with our key funders and a proven ability to secure new services. Our planning and reporting processes, including financial projections, take into consideration the current economic climate (including the effects of the Covid-19 pandemic) and its potential impact on our various sources of income and planned expenditure. We acknowledge our pension fund obligations and have a clear strategy to recover the deficit. We have therefore adopted the going concern basis of preparation of these financial statements on the basis that we have concluded there is a reasonable expectation that we have sufficient resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements. 65 Financial review