Company: GULTU
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001201
Chunk: 20

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 20
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Item
8. Financial Statements and Supplementary Data

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO
THE TRUSTEE AND HOLDERS OF ROYALTY TRUST UNITS

OF
GULF COAST ULTRA DEEP ROYALTY TRUST:

Opinion
on the Financial Statements

We
have audited the accompanying statement of assets, liabilities and trust corpus of Gulf Coast Ultra Deep Royalty Trust (the Trust) as
of December 31, 2024, and the related statements of distributable income and changes in trust corpus for the year then ended, and the
related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Trust as of December 31, 2024, and its distributable income and changes
in trust corpus for the year then ended, in conformity with the modified cash basis of accounting, as described in Note 1, which is a
comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

Basis
of Accounting

As
described in Note 1 of the financial statements, these financial statements were prepared on the modified cash basis of accounting, which
is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

Basis
for Opinion

These
financial statements are the responsibility of The Bank of New York Mellon Trust Company, N. A., as the Trust’s trustee
(the Trustee). Our responsibility is to express an opinion on the Trust’s financial statements based on our audit. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (“ PCAOB”) and are required
to be independent with respect to the Trust in accordance with the U. S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of