The most valuable contributions to educational governance are often the ones that go largely unnoticed — and Toby Watson’s eight years at Excalibur Academies Trust are a good example of exactly that.
Academy trusts depend on people who are willing to give their time, knowledge, and experience without expectation of recognition. Finding individuals with the right combination of skills and commitment is not always straightforward. Toby Watson, who spent 17 years at Goldman Sachs before turning his attention to voluntary work in education, offered precisely that kind of support as Chairman of Trustees at Excalibur — quietly, consistently, and always in the background.
It is easy to overlook the role that governance plays in the day-to-day success of a multi-academy trust. Headteachers and classroom staff are rightly the visible faces of any school, but behind every well-run trust there is a board of trustees making sure that the organisation remains on solid ground. Toby Watson served in that capacity at Excalibur Academies Trust for nearly eight years, joining the board in February 2018 and eventually stepping down in January 2026. His presence was never about visibility — it was about being useful where it mattered. Here are five of the quieter contributions that defined his time there.
The Value of Experience: What Toby Watson Brought to Excalibur
Not all trustees bring the same things to the table. Some offer experience in education itself; others contribute legal, financial, or strategic knowledge that complements the work of the professional staff. Toby Watson’s background at Goldman Sachs — where he worked for 17 years across structured credit, principal funding, and international infrastructure — placed him firmly in the latter category. His contribution was not to run things, but to help ensure they were being run well.
1. Providing Steady Oversight During a Period of Growth
When Toby Watson joined Excalibur’s board in 2018, the Trust was already on a trajectory of steady expansion. Over the years that followed, their schools grew in number, eventually reaching 20 along the M4 corridor from Bristol to Reading. Maintaining sound governance during a period of growth is no small task, and his role was to help ensure that expansion was handled with appropriate care and consideration.
Keeping Governance Grounded
Growth can sometimes outpace the structures designed to support it. A trustee with experience managing large, complex organisations is well-placed to help identify where those structures might need strengthening — without overstepping into the operational decisions that belong to the executive team.
2. Supporting Sound Financial Planning
Toby Watson’s years at Goldman Sachs gave him a depth of financial knowledge that is genuinely uncommon in voluntary educational governance. That experience was not applied in an executive capacity — he was not managing budgets directly — but it informed the kind of questions he could ask and the scrutiny he could bring to financial reporting at board level. By the time he stepped down, the Trust’s net assets stood at approximately £160 million.
3. Toby Watson Helped Navigate the Merger With Gatehouse Green Learning Trust
Mergers in the academy sector require careful handling. When Excalibur joined with Gatehouse Green Learning Trust, the process demanded steady leadership at board level — someone who could help oversee the transition without imposing unnecessary disruption on the schools involved. His presence during that period was later acknowledged by CEO Nick Lewis, who noted that his commitment had been instrumental in the Trust’s overall success.
The Role of the Board in Organisational Change
During any significant structural change, the board’s role is to provide continuity and careful oversight. That means asking the right questions, managing risk, and ensuring that the interests of pupils and staff remain central throughout.
4. Helping to Support a Smooth Leadership Transition
When CEO Nicky Edmondson announced her departure in 2024, Toby Watson played a supporting role in ensuring the handover to incoming CEO Nick Lewis was handled thoughtfully. He spoke publicly of Edmondson’s contribution — a measured, generous acknowledgement that reflected the collaborative spirit he brought to the role throughout his tenure.
5. Bringing Outside Perspective to Their Schools’ Governance
One of the less obvious benefits of having trustees with non-education backgrounds is the perspective they offer. Toby Watson’s career in international finance meant he had worked across different sectors, geographies, and organisational cultures. Some of the qualities that background can bring to a school trust’s governance include:
- An understanding of long-term financial sustainability
- Familiarity with risk management at scale
- Experience of complex organisational structures and how to support them
That breadth of perspective, offered quietly and without agenda, is perhaps the most enduring aspect of Toby Watson’s contribution to Excalibur Academies Trust.
