Company: GULTU
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001201
Chunk: 22

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 22
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 Royalty Trust’s trustee (the Trustee). Our responsibility is to express
an opinion on the Royalty 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 Royalty 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 Royalty 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
the Royalty Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
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 the Trustee, as well as
evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We served as the Royalty Trust’s auditor from
2013 to 2024.

Fort Worth, Texas

March 28, 2024

  37  

GULF
COAST ULTRA DEEP ROYALTY TRUST

STATEMENTS
OF ASSETS, LIABILITIES AND TRUST CORPUS

                                                                            December 31,                     December 31,                 
                                                                            2024                             2023                         
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  ASSETS                                                                                                                                  
  Operating cash                                                            $                    15,571      $                    43,741  
  Reserve fund cash and short-term investments                                                1,020,456                        1,116,460  
  Total assets                                                              $                 1,036,027      $                 1,160,