# COLCHESTER PARTNERS LLC X-17A-5 (2024-03-22) — Broker-dealer annual report

- Company: COLCHESTER PARTNERS LLC
- Form: X-17A-5
- Filed: 2024-03-22
- Period: 2023-12-31
- Accession: 0001178449-24-000002
- CIK: 1178449
- File #: 8-65464
- Type: Broker-dealer
- Material weakness: No
- Auditor: Rolleri & Sheppard CPAS, LLP
- Auditor location: Fairfield, CT
- Contact: Eric R Andrew
- Phone: 617-896-0202
- Email: eandrew@colchesterpartners.com
- Website: colchesterpartners.com
- Signed by: Eric R. Andrew (Managing Director)

Original filing: https://www.sec.gov/Archives/edgar/data/1178449/000117844924000002/cp2023sofcpub2.pdf

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| SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549<br>UNITED STATES                                                                                                                                               | Estimated average burden<br>OMB Number: 3235-0123<br>OMB APPROVAL<br>Expires: Nov. 30, 2026<br>hours per response: |
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| ANNUAL REPORTS                                                                                                                                                                                                              | SEC FILE NUMBER                                                                                                    |
| FORM X-17A-5                                                                                                                                                                                                                | 8-65464                                                                                                            |
| PART III                                                                                                                                                                                                                    |                                                                                                                    |
| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934<br>FACING PAGE                                                                                                    |                                                                                                                    |
| AND ENDING<br>filing for the period beginning 01/01/2023                                                                                                                                                                    | 12/31/2023                                                                                                         |
| MM/DD/YY                                                                                                                                                                                                                    | MM/DD/YY                                                                                                           |
| REGISTRANT IDENTIFICATION<br>A.                                                                                                                                                                                             |                                                                                                                    |
| LL(;<br>NAME OF FIRM: Colchester Partners,                                                                                                                                                                                  |                                                                                                                    |
| □  Check here if respondent is also an OTC derivatives dealer<br>_ Security-based swap dealer<br>TYPE OF REGISTRANT (check all applicable boxes):<br>■ Broker-dealer                                                        | _ Major security-based swap participant                                                                            |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)<br>53 State Street Suite 1304                                                                                                                           |                                                                                                                    |
| Street)<br>and<br>(No.                                                                                                                                                                                                      |                                                                                                                    |
| MA<br>Boston                                                                                                                                                                                                                | 02109                                                                                                              |
| (State)<br>(City)                                                                                                                                                                                                           | (Zip Code)                                                                                                         |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                                                |                                                                                                                    |
| (617) 896-0202<br>Eric Andrew                                                                                                                                                                                               | eandrew@colchesterpartners.com                                                                                     |
| - Telephone Number)<br>(Area Code<br>(Name)                                                                                                                                                                                 | (Email Address)                                                                                                    |
| ACCOUNTANT IDENTIFICATION<br>B.                                                                                                                                                                                             |                                                                                                                    |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                                                                                                                   |                                                                                                                    |
| Rolleri & Sheppard CPAS, LLP                                                                                                                                                                                                |                                                                                                                    |
| (Name – if individual, state last, first, and middle name)<br>Fairfield<br>2150 Post Road 5th Fl                                                                                                                            | 06824<br>CT                                                                                                        |
| (City)<br>(Address)                                                                                                                                                                                                         | (Zip Code)<br>(State)                                                                                              |
| (Date of Registration with PCAOB)(if applicable)                                                                                                                                                                            | (PCAOB Registration Number, if applicable)                                                                         |
| FOR OFFICIAL USE ONLY                                                                                                                                                                                                       |                                                                                                                    |
| accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption.  See 17<br>* Claims for exemption from the requirement that the annual reports of an independent public     |                                                                                                                    |
| Persons who are to respond to the collection of information contained in this form are not required to respond unless the form<br>displays a currently valid OMB control number.<br>CFR 240.17a-5(e)(1)(ii), if applicable. |                                                                                                                    |

PUBLIC

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| , 2023___ is true and correct. I further swear (or affirm) that neither the company nor any<br>partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely<br>Signature:<br>financial report pertaining to the firm of Colchester Partners LLC<br>as that of a customer.<br>12/31 | 12<br>-<br>0<br>15<br>V<br>-<br>9<br>A<br>Title:<br>lotary Public, Commonwealth of Massachusetts<br>My Commission Expires August 9. 2030<br>BLERINA DALIPAJ<br>Notary Public | (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of<br>comprehensive income (as defined in § 210.1-02 of Regulation S-X).<br>(b) Notes to consolidated statement of financial condition.<br>This filing ** contains (check all applicable boxes):<br>(a) Statement of financial condition.<br>(d) Statement of cash flows.<br>II<br>1 | (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.<br>(e) Statement of changes in stockholders' or partners' or sole proprietor's equity.<br>(f) Statement of changes in liabilities subordinated to claims of creditors.<br>(g) Notes to consolidated financial statements. | (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or<br>(i) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.<br>(i) Computation of tangible net worth under 17 CFR 240.18a-2.<br>Exhibit A to 17 CFR 240.18a-4, as applicable.<br>0 | (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR<br>(m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.<br>(I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.<br>240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. | worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17<br>(o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net<br>CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences<br>exist.<br>I | (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.18a-7, as applicable.<br>(p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.<br>(r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.<br>(s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | (u) Independent public accountant's report based on an examination of the financial statements under 17<br>(t) Independent public accountant's report based on an examination of the statement of financial condition. | (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17<br>(w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17<br>CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.<br>CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12,<br>CFR 240.18a-7, as applicable.<br>as applicable. | (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or<br>a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).<br>(z) Other: |
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OATH OR AFFIRMATION

a love general a

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### STATEMENT OF FINANCIAL CONDITION

### FOR THE YEAR ENDED DECEMBER 31, 2023

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### TABLE OF CONTENTS

### DECEMBER 31, 2023

|                                                            | Page     |
|------------------------------------------------------------|----------|
| REPORT OF INDEPENDENT REGISTERED PUBLIC<br>ACCOUNTING FIRM |          |
| FINANCIAL STATEMENTS                                       |          |
| Statement of Financial Condition                           | ਟ        |
| Notes to Financial Statements                              | 8<br>3 - |

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![](_page_4_Picture_0.jpeg)

Rolleri & Sheppard CPAS, LLP Ryan C. Sheppard, CPA, CFF, Managing Partner John M. Rolleri, CPA, CFE, Senior Partner Jayme L. White, CPA, Partner

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

of Colchester Partners, LLC To the Members

# Opinion on the Financial Statement

statement presents fairly, in all material respects, the financial position of Colchester Partners, LLC as of We have audited the accompanying statement of financial condition of Colchester Partners, LLC as of December 11, 2023, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

### Basis for Opinion

securities laws and the applicable rules and regulations of the Securities and the This financial statement is the responsibility of Colchester Partners, LLC's management. Our responsibility is to This mancial statement is the responsibility of Colenter in based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCACB) and are required to be independent with respect to Colchester Partners, LLC in accordance with the U.S. federal PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial we bention the audit to obtain reasonable assurance about whether the financial statement is free of material misstement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that statements. We believe that our audit provides a reasonable basis for our opinion.

ROS CPAJL LLI

Rolleri & Sheppard CPAS, LLP

We have served as Colchester Partners, LLC's auditor since 2021.

Fairfield, Connecticut March 6, 2024

p:203.259.2727 · f:203.256.2727 www.rollerisheppardcpas.com 2150 Post Road, 5th Floor · Fairfield, CT 06824

Public Company Accounting Oversight Board • New York State Society of Certified Public Accountants • Massachusetts Society of CPAs American Institute of Certified Public Accountants • Connecticut Society of Certified Public Accountants

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| COLCHESTER PARTNERS. LLC |  |
|--------------------------|--|

# STATEMENT OF FINANCIAL CONDITION

### DECEMBER 31, 2023

### ASSETS

| ASSETS<br>CURRENT                                                                   |                 |
|-------------------------------------------------------------------------------------|-----------------|
| Cash                                                                                | 1,542,433<br>ಕಾ |
| Accounts receivable                                                                 | 113,967         |
| Contract assets - reimbursed expenses, less allowance for credit losses of \$31,307 | 41,093          |
| TOTAL CURRENT ASSETS                                                                | 1,697,493       |
| EQUIPMENT AND IMPROVEMENTS                                                          |                 |
| equipment<br>Computer                                                               | 48,096          |
| Office equipment                                                                    | 49,399          |
| and fixtures<br>Furniture                                                           | 112,955         |
| improvements<br>Leasehold                                                           | 68,597          |
| TOTAL EQUIPMENT AND IMPROVEMENTS, COST                                              | 279,047         |
| Less accumulated depreciation                                                       | (127,562)       |
| TOTAL EQUIPMENT AND IMPROVEMENTS, NET                                               | 151,485         |
| OTHER ASSETS                                                                        |                 |
| Rent deposit                                                                        | 126,723         |
| Operating lease right-of-use asset                                                  | 805,471         |
| TOTAL OTHER ASSETS                                                                  | 932,194         |
| TOTAL ASSETS                                                                        | 2,781,172<br>ക  |
| AND MEMBERS' EQUITY<br>LIABILITIES                                                  |                 |
| CURRENT LIABILITIES                                                                 |                 |
| Accounts payable and accrued expenses                                               | 124,291<br>ക്ക  |
| Lease liability                                                                     | 219,431         |
| Deferred revenue                                                                    | 355,000         |
| TOTAL CURRENT LIABILITIES                                                           | 698,722         |
| LONG TERM PORTION OF LEASE LIABILITY                                                | 653,554         |
| TOTAL LIABILITIES                                                                   | 1,352,276       |
|                                                                                     |                 |

# TOTAL LIABILITIES AND MEMBERS' EQUITY

MEMBERS' EQUITY

==

2,781,172

ക്ക ==============================================================================================================================================================================

1,428,896

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# NOTES TO FINANCIAL STATEMENTS

### DECEMBER 31, 2023

### NATURE OF BUSINESS NOTE 1

Colchester Partners, LLC (the "Company") is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of Financial Industry Regulatory Authority ("FINRA"). The Company is an investment banking and strategic advisory firm organized to serve the needs of investment management organizations and their professionals throughout the United States of America.

# SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 2

# Recently Adopted Accounting Guidance

changed how entities will measure credit losses for most financial assets and The most significant change in this standard is a shift from the incurred loss model to the expected loss model. Under the standard, disclosures are required to provide users of the financial statements with useful information in analyzing assets held by the company that are subject to the guidance in FASB ASC 326 In June 2016, the FASB issued guidance (FASB ASC 326) which significantly an entity's exposure to credit risk and the measurement of credit losses. Financial certain other instruments that aren't measured at fair value through net income. were trade accounts receivable. The Company adopted the standard effective January 1, 2023. The impact of adoption was not considered material to the financial statements and primarily resulted in new and enhanced disclosures only.

### Use of Estimates

at the date of the financial statements, and revenues and expenses during the The preparation of financial statements and related disclosures in conformity amounts of assets and liabilities, the disclosure of contingent assets and liabilities with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported period reported. Actual results could differ from those estimates.

### Revenue Recognition

Contracts with Customers ("ASC Topic 606"). The revenue recognition guidance goods or services to customers in an amount that reflects the consideration to The Company adheres to the guidance under ASC Topic 606, Revenue from requires that an entity recognize revenue to depict the transfer of promised which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the

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| COLCHESTER PARTNERS. LLC |  |
|--------------------------|--|
|                          |  |
|                          |  |
|                          |  |
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# NOTES TO FINANCIAL STATEMENTS (CONTINUED)

### DECEMBER 31, 2023

# SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) NOTE 2

## Contract Balances (Continued)

| 445.000                                         | (265,000)                                              |                                                       | 175.000           | \$ 355,000                                     |
|-------------------------------------------------|--------------------------------------------------------|-------------------------------------------------------|-------------------|------------------------------------------------|
| ಕಾ                                              |                                                        |                                                       |                   |                                                |
| Beginning contract liabilities, lanurav 1, 2023 | Kevenue recognized from beginning contract liabilities | Increase in contract liabilities due to cash received | during the period | Ending contract liabilities. December 31, 2023 |

## Cash and Cash Equivalents

The Company considers all liquid investment instruments with original maturities of ninety days or less to be cash equivalents. Cash equivalents are carried at cost, which approximates market value.

## Concentrations of Credit Risk

by the Federal Deposit Insurance Corporation ("FDIC") up to \$250,000. At times FDIC insured limits. The Company monitors its exposure and has not The Company maintains its cash in a commercial bank. The balances are insured during the year ended December 31, 2023 balances in deposit accounts exceeded experienced any losses in such accounts.

Concentration of credit risk related to trade accounts receivable is limited due to a client base of companies and individuals with high net worth. The Company performs credit evaluations of its clients' financial condition and does not require collateral, since management does not anticipate nonperformance of payment.

### Fair Value

All current assets and current liabilities, because of their short-term nature, are stated at cost or face value, which approximates market value.

## Equipment and Improvements

Leasehold improvements are amortized over the lesser of the remaining life of the lease or the useful life of the improvements. The cost of maintenance and Equipment and improvements are stated at cost. Depreciation and amortization computed principally using the straight-line method over the estimated economic or useful lives of the applicable assets, which range from 3 to 7 years. repairs are expensed as incurred. are

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# NOTES TO FINANCIAL STATEMENTS (CONTINUED)

### DECEMBER 31, 2023

# SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) NOTE 2

# Equipment and Improvements (Continued)

Depreciation for the Company related to equipment and improvements was \$54,532 for December 31, 2023.

# ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES NOTE 3

bad debt expense. At December 31, 2023, management recorded an allowance evaluates the carrying amount of its accounts receivable on an ongoing basis and establishes a valuation allowance based on a number of factors, including specific client circumstances, historical rate of write-offs and the past due status and analyzed for adequacy, and if relevant, is adjusted accordingly. The allowance is increased through a reduction of revenues and/or an increase in of the accounts. At the end of each reporting period, the allowance is reviewed The Company's accounts receivable are client obligations due under normal trade terms carried at cost, less provisions for bad debts. The Company for doubtful accounts of \$31,307.

The reconciliation of allowance for credit losses are as follows:

| \$ 31,307                          |                             |            |            | \$ 31.307                         |
|------------------------------------|-----------------------------|------------|------------|-----------------------------------|
| beginning balance, Januray 1, 2023 | Provision for credit losses | Write-otts | Recoveries | Ending balance, December 31. 2023 |

### LEASES NOTE 4

The Company has two operating leases for office space located in Boston and respectively, and require monthly rental payments of \$20,783 and \$16,717, respectively, for the remainder of the lease terms. The company recorded a New York City. The leases have remaining lease terms of 4 months and 5 years, security deposit of \$59,856 and \$66,867, respectively, as of December 31, 2023.

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|           | DECEMBER 31, 2023                                                                                                                                                                        |            |         |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------|
| 4<br>NOTE | LEASES (CONTINUED)                                                                                                                                                                       |            |         |
|           | The following summarizes the line items in the statement of financial condition<br>which include amounts for operating leases as of December 31, 2023:                                   |            |         |
|           | Operating lease right-of-use-assets<br>Operating Leases                                                                                                                                  | ಕ್ಕಾ       | 805,471 |
|           | Operating lease liabilities                                                                                                                                                              | ക്ക        | 872,985 |
|           | following summarizes the weighted average remaining lease term<br>discount rate as of December 31, 2023:<br>l he                                                                         |            | and     |
|           | Weighted Average Remaining Lease Term<br>Operating leases                                                                                                                                | 4.11 years |         |
|           | Weighted Average Discount Rate<br>Operating leases                                                                                                                                       | 3.87%      |         |
|           | The following summarizes the line items in the income statement which include<br>the components of lease expense for the year ended December 31, 2023:                                   |            |         |
|           | Operating lease expense included in operating expenses                                                                                                                                   | ക്ക        | 331.506 |
|           | The following summarizes cash flow information related to leases for the year<br>ended December 31, 2023:                                                                                |            |         |
|           | Cash paid for amounts included in the measurement of<br>Operating cash flows from operating leases<br>lease liabilities:                                                                 | ಕ್ರಿ       | 240,332 |
|           | Lease assets obtained in exchange for lease obligations:<br>Operating leases                                                                                                             | ക്ക        | 814,127 |
|           | Rent expense for the year ended December 31, 2023 was \$331,506. The lease asset<br>and liability were calculated using a discount rate of 2.75% for Boston and 4% for<br>New York City. |            |         |

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# NOTES TO FINANCIAL STATEMENTS (CONTINUED)

### DECEMBER 31, 2023

### LEASES (CONTINUED) NOTE 4

The maturities of the lease liability as of December 31, 2023 are as follows:

| Year Ended December 31,          |    | Amount   |
|----------------------------------|----|----------|
|                                  |    |          |
| 2024                             | et | 246,233  |
| 2025                             |    | 200,600  |
| 2026                             |    | 200,600  |
| 2027                             |    | 200,600  |
| 2028                             |    | 100,300  |
| Total lease payments             |    | 948,333  |
| Less: interest                   |    | (75,348) |
| Present value of lease liability |    | 872,985  |
|                                  |    |          |

### COMMITMENTS AND CONTINGENCIES NOTE 5

The Company may from time to time become involved in various legal proceedings, litigation and threatened litigation arising in the ordinary course of business. As of the date of these financial statements, there are no legal proceedings or similar matters, which individually or in the aggregate have a material effect on net capital, the financial position, results of operations or cash flows of the company.

### SUBSEQUENT EVENTS NOTE 6

subsequent to the statement of financial condition date that would require Management has evaluated subsequent events through March 6, 2024, the date which the financial statements were available to be issued. No events occurred adjustment to or disclosure in the financial statements.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.