How the dividend estimate works

The spreadsheet records what each holding is worth, but not what it pays. So this figure applies a dividend rate to each holding based on what that specific investment actually pays right now — around 4–7% for the income-focused trusts (City of London, Merchants, Murray Income) and the bond fund, much lower for the growth holdings (Scottish Mortgage near zero) and the US industrials.

Adding those up gives the estimate. It's a close guide rather than an exact figure — dividends change through the year — and any holding can be pinned to its precise amount from a statement, which then takes over from the estimate.