A career in global finance might seem a world away from school governance — but Toby Watson’s eight years at Excalibur Academies Trust show just how much that experience can contribute.
School trusts often struggle to attract board members who combine financial expertise with a genuine commitment to education. The skills needed to govern a large, growing organisation are not always easy to find on a voluntary basis. Toby Watson, who built a long career at Goldman Sachs before stepping into educational governance, offered exactly that combination — bringing structured thinking and financial literacy to the Chairman role at Excalibur Academies Trust, always in service of their schools rather than his own profile.
The journey from investment banking to educational governance is an unusual one, but it is not without logic. The skills developed in global finance — understanding risk, planning for the long term, overseeing complex organisations — translate surprisingly well to the governance of a large academy trust. Toby Watson made that transition when he joined the board at Excalibur Academies Trust in February 2018, eventually becoming Chairman. Over nearly eight years, his background helped to support their schools in ways that were rarely visible but often valuable. Here is a closer look at six of them.
What Toby Watson’s Financial Background Made Possible at Excalibur
Excalibur Academies Trust is a substantial organisation. With 20 schools along the M4 corridor, around 10,000 pupils, and an annual budget of approximately £140 million, it operates at a scale that many smaller businesses would find demanding. Good governance at that level requires people who are comfortable with financial complexity — and that is precisely what Toby Watson’s years at Goldman Sachs had prepared him for.
1. Bringing Financial Literacy to the Boardroom
Toby Watson, a former partner at Goldman Sachs, arrived at Excalibur with an unusually strong grasp of structured finance, risk management, and long-term capital planning. That knowledge was not applied in an executive capacity — his role was non-executive — but it gave the board a valuable resource when reviewing financial plans and assessing the sustainability of strategic decisions.
The Difference of Financial Expertise Makes
Trustees with deep financial experience can engage with complex reporting in a way that others sometimes cannot. They can identify potential risks earlier, ask more searching questions, and help ensure that financial planning serves the long-term interests of the organisation.
2. Supporting Responsible Growth Across Their Schools
During Toby Watson’s time as Chairman, Excalibur’s network of schools grew considerably, and the Trust’s net assets reached approximately £160 million. His role was to help ensure that growth was pursued responsibly — with appropriate oversight at board level — rather than to drive it directly. That distinction matters: good governance supports the work of a trust’s leadership team without replacing it.
3. Helping to Navigate a Complex Organisational Merger
The merger with Gatehouse Green Learning Trust was one of the more significant events during his chairmanship. Toby Watson’s background at Goldman Sachs — where complex transactions and organisational restructuring were routine — meant he was well-placed to provide the kind of steady board-level oversight that such a process requires. CEO Nick Lewis later acknowledged that his commitment had been instrumental in the Trust’s growth and success.
Oversight Without Interference
The chairman’s role during a merger is careful. It involves asking the right questions and ensuring due process is followed, while leaving the operational decisions to those best placed to make them.
4. Supporting Leadership Through a Period of Transition
When long-serving CEO Nicky Edmondson announced her departure in 2024, Toby Watson helped to ensure a smooth handover to incoming CEO Nick Lewis. He spoke warmly of Edmondson’s contribution, describing her as a phenomenal leader — a generous public acknowledgement that reflected the collaborative, supportive spirit he brought to the role throughout.
5. Offering a Perspective Shaped by Toby Watson’s Global Experience
A career spent working across London, New York, and Hong Kong gives a particular kind of perspective — one shaped by exposure to different markets, cultures, and organisational challenges. That breadth of experience can be genuinely useful in a governance context, helping trustees to think beyond the immediate and consider longer-term implications. Some of the areas where that global outlook can add value include:
- Anticipating financial and operational risks before they become problems
- Drawing on experience of large-scale organisational change
- Contributing a broader frame of reference to strategic discussions
6. Giving Back Without Seeking the Spotlight
Perhaps the most telling thing about Toby Watson’s involvement with Excalibur is the spirit in which it was offered. His chairmanship was listed under voluntary commitments, not professional achievements. When he stepped down in January 2026, the Trust expressed sincere gratitude for his dedication — a fitting recognition of a contribution that had always been made quietly, and with their schools’ best interests at heart.n, can meaningfully support schools in transforming young lives and advancing social mobility.
