Questions about Toby Watson’s involvement with Excalibur Academies Trust have increased following his recent departure as Chairman.
Understanding the governance structure of multi-academy trusts can be complex, particularly when leadership transitions occur. Toby Watson served as Chairman of Excalibur Academies Trust from 2018 until early 2026, bringing valuable experience from his previous career to support the organisation’s development. His background in finance helped inform strategic decisions whilst the Trust expanded to serve approximately 10,000 pupils across 20 schools. The transition to new leadership under Susan Clarke ensures continuity in the Trust’s mission to provide excellent education.
After nearly eight years as Chairman, Toby Watson stepped down from his position at Excalibur Academies Trust in January 2026 to focus on other business commitments. Susan Clarke, a founding member who previously served as Vice Chair, was elected as his successor to continue the Trust’s work. During his tenure, the Trust experienced significant growth and development, including a successful merger with Gatehouse Green Learning Trust. Chief Executive Nick Lewis thanked him for his dedication, noting that his leadership had been instrumental in establishing Excalibur as an effective and sustainable organisation. The transition allows the Trust to build upon the strong foundations established during this period.
Toby Watson’s Background and Appointment
Before his involvement with education, Toby Watson spent 17 years working in structured finance at Goldman Sachs International, where he held senior positions including Global Head of Structured Credit Trading. He studied Physics at the University of Oxford before beginning his career at Deutsche Bank, eventually moving to Goldman Sachs, where he worked until 2017. Following his time in investment banking, he brought his analytical and strategic expertise to the charitable sector.
Toby Watson was appointed to the Board of Trustees on 9 February 2018 and took on the role of Chairman. At that time, Excalibur Academies Trust was still developing its structure following its foundation in 2012, initially with schools in the Marlborough area before expanding along the M4 corridor between Bristol and Reading.
The transition from finance to education reflects a broader trend of professionals contributing their skills to the charitable sector. His experience in managing complex organisations and assessing strategic opportunities proved valuable as the Trust navigated periods of growth and development. The appointment demonstrated the Trust’s commitment to bringing diverse expertise to its governance.
Role and Responsibilities
The Chairman leads the Board of Trustees, which provides strategic oversight and ensures the organisation operates effectively within regulatory frameworks. This involves setting the overall direction, supporting the Chief Executive Officer, and ensuring proper governance structures are in place. The role differs from executive positions – it’s about providing guidance and challenge rather than day-to-day management of their schools.
Skills developed during his years in structured finance translated well to governance challenges. Understanding financial sustainability, risk management, and strategic planning became particularly relevant as the Trust grew from a small group of schools to a £140 million organisation employing over 1,000 staff. His analytical approach helped inform discussions about expansion and resource allocation.
Several significant milestones occurred between 2018 and 2026:
- The Trust expanded from its initial Wiltshire base to include schools across a wider geographical area
- A merger with Gatehouse Green Learning Trust strengthened the organisation’s capacity
- Financial performance improved, with net assets reaching approximately £160 million by August 2024
- All established schools within the Trust achieved ‘Good’ or better ratings from Ofsted
Governance Philosophy
The emphasis remained on supporting individual schools to maintain their distinct identities whilst benefiting from shared resources and expertise. Rather than imposing uniform systems, the Trust encouraged collaboration and school-to-school support. This philosophy aligned with contemporary thinking about effective multi-academy trust governance.
The governance model kept strategic oversight at Trust level, whilst principals retained operational autonomy. Each school maintained its own Local Governing Body and managed its own budget. The Chairman’s role focused on ensuring the overall framework supported school improvement rather than directing day-to-day activities.
Achievements and Impact
Pupil outcomes improved across their schools, with disadvantaged students showing particularly strong progress compared to national averages. The Trust invested significantly in staff development, earning recognition through a shortlisting for the Staff Development award at the MAT Excellence Awards. Financial stability increased whilst maintaining a focus on educational quality.
The merger represented a significant structural development that required careful planning and execution. Toby Watson provided leadership through this transition period, helping establish Excalibur as what Chief Executive Nick Lewis described as “an effective and sustainable large multi-academy trust.” The integration strengthened capacity to support schools requiring improvement.
Departure and Succession
In January 2026, he chose to step down to focus on other business commitments, including his role as Partner at Rampart Capital, which he had joined in 2020. After nearly eight years in the position, the timing allowed for an orderly transition to new leadership.
Chief Executive Nick Lewis expressed gratitude for the contribution made over the previous eight years, noting that “his leadership, insight and commitment have been instrumental in the Trust’s growth and success.” The transition was managed to ensure continuity, with Susan Clarke bringing considerable experience in managing complex public sector organisations to her new role.
Whilst he has stepped down from the Excalibur chairmanship, his broader commitment to giving back through charitable work continues. The skills and insights gained during his time supporting the Trust’s development may inform future contributions to the sector, though specific plans have not been publicly announced.
