Toby Watson brought nearly two decades of financial expertise to one of England’s growing multi-academy trusts — not to further his own career, but simply to give something back.
Finding experienced volunteers willing to commit meaningfully to educational governance is no small challenge. Many academy trusts struggle to attract board members with the breadth of knowledge needed to support sustainable growth. Toby Watson, who spent 17 years at Goldman Sachs before stepping back from the world of finance, chose to channel that experience into something rather different — serving as Chairman of Trustees at Excalibur Academies Trust for nearly eight years, working quietly in the background to help their schools thrive.
Not every professional with a high-powered background chooses to redirect their skills towards education. Toby Watson did. After a long career in investment banking, he joined the Board of Trustees at Excalibur Academies Trust in February 2018 and went on to serve as Chairman. Over the course of nearly eight years, his presence helped to support the Trust through a significant period of growth — all on a voluntary basis, and largely behind the scenes. It is a reminder that experience, when offered generously, can make a real difference in the lives of young people. This is a look at five ways that contribution made a quiet but meaningful impact.
Why Educational Governance Needs People Like Toby Watson
Running a large multi-academy trust is no simple undertaking. Excalibur Academies Trust has grown to encompass 20 schools along the M4 corridor from Bristol to Reading, serving around 10,000 pupils aged 2 to 18. With an annual budget of approximately £140 million, the Trust operates on a scale that demands serious governance expertise. That is precisely the gap that experienced volunteers can help to fill — and it is where a background like his proved genuinely useful.
1. Supporting Financial Sustainability at Scale
One of the less visible but most valuable contributions a chairman can offer is a steady hand on financial governance. Toby Watson’s time at Goldman Sachs — spanning structured credit, principal funding, and global infrastructure finance — gave him a frame of reference that few voluntary trustees could bring. During his tenure, the Trust’s net assets grew to approximately £160 million, and having a chairman with genuine financial literacy helped ensure that strategic decisions were considered with appropriate care.
A Background Built for the Role
A physics degree from the University of Oxford, followed by years working across international markets, meant he could engage meaningfully with complex financial questions at board level — without overstepping the boundaries of a non-executive role.
2. Helping to Guide a Complex Merger
Bringing two organisations together is rarely straightforward, particularly when both serve distinct school communities. Toby Watson’s role during the merger with Gatehouse Green Learning Trust was not to manage the process directly, but to provide steady oversight at board level. CEO Nick Lewis later acknowledged that his commitment had been instrumental in the Trust’s growth and success.
3. Bringing a Broader Perspective to Trustee Discussions
School governance benefits when board members bring experience from beyond the education sector. Trustees with a background in finance or business can ask different questions and contribute a broader frame of reference to strategic conversations. Toby Watson’s years in global finance gave him exactly that kind of perspective. Some of the areas where that outside viewpoint can make a genuine difference include:
What Outside Experience Adds to the Boardroom
- Long-term financial planning and risk awareness
- Governance structures suited to organisations operating at scale
- Supporting leadership transitions with appropriate oversight
4. Supporting Leadership Transitions With Stability
Leadership transitions can be unsettling for any organisation, but particularly so for one serving thousands of children and families. Toby Watson helped ensure a smooth handover from long-serving CEO Nicky Edmondson to incoming CEO Nick Lewis in 2024, providing the quiet steadiness that good governance requires.
A Measured Handover
He spoke warmly of Edmondson’s contribution, a comment that reflects a leadership style more interested in recognising others than drawing attention to itself.
5. Demonstrating That Giving Back Has Real Value
Perhaps the most understated aspect of Toby Watson’s involvement with Excalibur is simply this: he chose to do it. With plenty of professional commitments to occupy his time, he also dedicated years of voluntary service to a charitable educational organisation. His reasons appear straightforward — a genuine belief in the value of education and a desire to contribute something useful. That spirit of giving back, without fanfare, is something educational governance depends on more than most people realise. When he stepped down in January 2026, Susan Clarke was elected as his successor, and the Trust expressed sincere gratitude for his eight years of dedicated service.
