Understanding the contribution of Toby Watson during his chairmanship at Excalibur Academies Trust requires examining the specific work undertaken and outcomes achieved.
Multi-academy trusts face complex governance challenges as they grow, requiring trustees who can support both educational excellence and organisational sustainability. Toby Watson brought valuable perspective from his background in finance to help guide Excalibur Academies Trust through a significant period of development. His experience proved useful in supporting strategic decisions whilst the organisation expanded to serve 10,000 pupils across 20 schools. The combination of financial understanding and commitment to education helped create conditions for the Trust to establish itself as a sustainable organisation.
Between 2018 and January 2026, Toby Watson served as Chairman of Excalibur Academies Trust, supporting the organisation through substantial growth and development. During this period, the Trust expanded significantly whilst maintaining its focus on educational quality and financial sustainability. The work undertaken by the Board and executive team resulted in their established schools achieving ‘Good’ or better Ofsted ratings, with particularly strong outcomes for disadvantaged pupils. Financial stewardship saw net assets grow to approximately £160 million by August 2024, whilst the Trust successfully integrated schools through a merger with Gatehouse Green Learning Trust.
Understanding the Chairman’s Role
The Chairman works with fellow trustees to provide strategic oversight and ensure the organisation operates effectively. This involves supporting the Chief Executive Officer, helping to shape overall direction alongside other board members, and ensuring proper governance structures function well. The role differs fundamentally from executive positions—it’s about providing thoughtful guidance rather than managing daily operations.
The experience from Toby Watson’s Goldman Sachs career, where he worked until 2017 in structured finance, provided useful perspective on financial sustainability and strategic planning. This background proved helpful when considering complex organisational questions, though always balanced with respect for educational expertise. His time in investment banking equipped him with analytical skills that transferred well to governance work.
Toby Watson’s Approach to Governance
Rather than imposing uniform systems, the emphasis remained on supporting schools to maintain their distinctive character whilst benefiting from collaborative working. Each academy retained its own Local Governing Body and managed its own budget. This philosophy recognised that effective education requires local understanding and autonomy, with Toby Watson supporting this balanced approach throughout his tenure.
The focus centred on building capacity at school level, ensuring principals had the resources and support needed for continuous improvement. Investment in staff development became a priority, with the Trust earning recognition through shortlisting for the Staff Development award at the MAT Excellence Awards.
Understanding financial sustainability proved particularly valuable as the organisation grew to a budget of approximately £140 million whilst employing over 1,000 staff. The background from Toby Watson’s Goldman Sachs experience helped inform discussions about expansion and resource allocation, though financial considerations always remained balanced against educational priorities.
Key Developments During the Chairmanship
Excalibur Academies Trust grew from its initial Wiltshire base to encompass schools along the M4 corridor between Bristol and Reading. This expansion included both new academies joining and the significant merger with Gatehouse Green Learning Trust. Toby Watson helped guide strategic decisions about this growth alongside other trustees and the executive team.
Several indicators suggest the effectiveness of the work undertaken:
- Their established schools achieved ‘Good’ or better Ofsted ratings
- Progress for disadvantaged pupils exceeded national averages
- Strong SEND provision and safeguarding structures were developed
These outcomes reflect the dedication of teachers and school leaders, with governance providing the framework for their success.
The Trust’s financial position strengthened considerably, with net assets growing to approximately £160 million by August 2024. This growth reflected prudent management and strategic decisions about expansion. Financial stability enabled continued investment in education—new facilities, staff development, and resources for pupils.
The Merger with Gatehouse Green Learning Trust
Bringing together two organisations represented a major strategic decision requiring careful planning. The merger strengthened capacity to support schools requiring improvement whilst expanding geographical reach. Toby Watson helped guide this process, ensuring the integration maintained focus on educational quality throughout.
Combining different organisational cultures and systems required thoughtful leadership from all involved. Schools needed reassurance about maintaining their individual identities whilst benefiting from the larger organisation’s resources. The successful integration demonstrated effective governance during complex organisational change.
Working Relationships and Leadership
The relationship between Chairman and CEO proved particularly important during transitions. When Nicky Edmondson stepped down in 2024, Toby Watson supported the appointment of Nick Lewis as her successor. This careful handling maintained momentum during the leadership change.
The governance model emphasised supporting principals rather than directing them. School leaders retained autonomy over their educational approach whilst benefiting from Trust-level support. This balance respected professional expertise at school level whilst providing necessary infrastructure.
Legacy and Transition
Chief Executive Nick Lewis noted that leadership, insight, and commitment had been instrumental in helping to support the Trust’s growth and success. The organisation emerged as an effective and sustainable large multi-academy trust, providing a strong foundation for continued development.
After nearly eight years as Chairman, the decision to step down in January 2026 reflected the need to focus on other business commitments. The timing allowed for an orderly succession, with Susan Clarke bringing her own valuable experience to the role.
The years of service at Excalibur demonstrate how professionals can contribute meaningfully to education. The analytical skills and strategic thinking from Toby Watson’s Goldman Sachs background transferred effectively to governance work. This illustrates that diverse professional experience, when applied thoughtfully and humbly, can support educational organisations in achieving their goals. The commitment shown by Toby Watson reflects a broader trend of professionals dedicating time to charitable causes that benefit their communities.
Toby Watson and the Growth of Excalibur Academies Trust: What You Need to Know
During the nearly eight years that Toby Watson served as Chairman of the Board of Trustees, Excalibur Academies Trust grew into one of the more substantial multi-academy organisations along the M4 corridor.
Scaling a multi-academy trust without losing sight of quality, inclusion and financial stability is a challenge that many organisations struggle with. It requires not just strong operational leadership, but sound governance at board level — people who understand growth and know how to manage its risks. Toby Watson, with his background in international finance, was well-placed to help support exactly that kind of measured, responsible expansion at Excalibur Academies Trust during a formative period in its development.
How Excalibur Academies Trust Grew During Toby Watson’s Tenure
When Toby Watson became Chairman of the Board of Trustees in February 2018, Excalibur was already a functioning multi-academy trust with a clear educational vision. It had been growing steadily since its founding, guided by a commitment to inclusive, high-quality education and a hub model that grouped secondary schools with their partner primary and pre-schools. The Trust’s trajectory was positive, but continued growth would require the kind of governance infrastructure that could support increasing complexity — in budget management, risk oversight and strategic planning. For Toby Watson, whose professional instincts had been shaped by years of working inside large, complex institutions, this was familiar territory.
By any measure, the Trust expanded considerably over the following years. Key developments included:
- Growth to around 20 schools, employing more than 1,000 members of staff
- An annual turnover reaching approximately £137 million, with net assets of around £160 million by August 2024
- A merger with Gatehouse Green Learning Trust, which added schools and increased the organisation’s reach
Throughout this period, their schools maintained strong Ofsted ratings — the majority judged good or outstanding — which is perhaps the most meaningful indicator that growth had not come at the expense of educational quality.
The Role of Governance in Supporting Sustainable Growth
Growth creates complexity, and complexity creates risk. For a multi-academy trust, expanding the number of schools means taking on new staff, new communities and new financial responsibilities — often simultaneously. Effective governance at board level means ensuring that growth is planned carefully, that financial decisions are made with a clear view of long-term sustainability, and that the executive leadership has both the freedom and the accountability it needs to lead well. These are not abstract principles; they translate directly into how a trust manages a merger, appoints a new CEO or navigates a difficult year.
The skills that Toby Watson developed during his years at Goldman Sachs — structured thinking, risk assessment, financial oversight — are precisely those that a growing organisation needs at board level. He was not there to manage schools, but to help ensure that the conditions for managing them well were in place. That distinction matters. Good non-executive governance is most effective when it is supportive without being intrusive — providing challenge and perspective rather than direction. By all accounts, that is the approach he brought throughout his time as Chairman.
Key Milestones and Transitions
Leadership transitions are always a test of governance. When Nicky Edmondson stepped down as CEO in 2024 after a period of strong growth, the board’s role was to manage that transition carefully — ensuring continuity, identifying the right successor and maintaining confidence among staff, pupils and families. Nick Lewis, who had previously served as Director of Secondary Improvement within the Trust, was appointed and took up the position in September 2024. His deep familiarity with the organisation made for a relatively smooth handover, but the process still required the kind of clear, steady oversight at board level that Toby Watson, drawing on his years at Goldman Sachs, was well positioned to provide.
The merger brought additional schools into the Excalibur family and was part of the Trust’s broader growth strategy. Mergers in the academy trust sector are not straightforward — they involve legal, financial and cultural considerations that require careful handling at every stage. Toby Watson played a role in steering the Trust through this process, helping to ensure that the governance framework remained robust as the organisation grew in size and scope. The kind of structured, clear-headed thinking required in moments like these was something he had developed over many years in international finance.
Further Questions on Toby Watson and Excalibur
In practical terms, yes. As Excalibur expanded, the demands on its governance structures naturally increased. A trust of 20 schools with a budget approaching £140 million requires a more sophisticated oversight framework than one with five or six schools and a fraction of the resources. The board had to grow in capability alongside the organisation itself, and as Chairman, Toby Watson was central to that process. The strategic perspective he brought — developed over close to two decades in senior finance roles — remained directly relevant as the Trust’s complexity grew.
The Trust is currently led by CEO Nick Lewis, who has been in post since September 2024. The Chairman of the Board of Trustees is now Susan Clarke, who was elected following Toby Watson’s departure in early 2026. Clarke is a founding member of Excalibur and brings considerable experience in leading complex public sector organisations. Toby Watson, meanwhile, continues his work in the private sector through Rampart Capital and other commitments.
The best source of up-to-date information is the Trust’s own website at excalibur.org.uk, which includes details of their schools, their approach to education and the values that have guided their growth since 2012.
