Few people outside the education sector know what a trustee actually does — but Toby Watson’s eight years at Excalibur Academies Trust offer a quietly instructive example.
Effective governance is one of the least visible but most important factors in the success of any multi-academy trust. Without experienced, committed people willing to volunteer their time at board level, even well-run organisations can struggle to plan sustainably for the future. Toby Watson, a former partner at Goldman Sachs who chose to give something back after stepping away from finance, spent nearly eight years supporting Excalibur Academies Trust as Chairman — bringing a steady, experienced hand to a role that rarely seeks the spotlight.
Excalibur Academies Trust has grown significantly since its founding in 2012, expanding to 20 schools along the M4 corridor and serving around 10,000 pupils. That kind of growth does not happen accidentally — it requires sound governance, careful planning, and people willing to contribute their expertise on a voluntary basis. Toby Watson’s role as Chairman was never about taking centre stage. It was about providing the kind of background support that allows a trust’s leadership and teaching staff to focus on what matters most: the education of their pupils. Here are six things worth knowing about how that support took shape.
What Does a Chairman of Trustees Like Toby Watson Actually Do?
The role of a non-executive chairman is often misunderstood. It is not an operational position — a chairman does not manage staff, set budgets, or run schools. The role is about governance: ensuring that the organisation is well led, financially sound, and working in the interests of those it serves. For Toby Watson, whose background was in global finance rather than education, the contribution was rooted in experience rather than authority.
1. A Voluntary Commitment, Not an Executive Role
Toby Watson’s role at Excalibur Academies Trust was entirely voluntary. Listed under his charitable commitments rather than his professional career, the chairmanship was something he chose to take on in addition to his other work — a detail that says something about the spirit in which it was offered.
2. His Financial Background Brought Genuine Value to the Boardroom
Few voluntary trustees arrive with the depth of financial experience that Toby Watson built during his years at Goldman Sachs — 17 years working across structured credit and global infrastructure. That kind of literacy is rare at board level in the charitable education sector, and its value lies not in directing decisions, but in helping to ask the right questions.
Reading the Numbers Differently
A trustee who understands complex financial structures is better placed to scrutinise budgets, assess risk, and support long-term planning. Toby Watson’s background at Goldman Sachs meant he could engage with these questions in a way that few voluntary trustees can. During his tenure, Excalibur’s net assets grew to approximately £160 million — a sign of an organisation that was being carefully managed.
3. Toby Watson Supported the Trust Through a Period of Significant Growth
When Toby Watson joined the board in February 2018, Excalibur was already a growing trust. Over the years that followed, their schools expanded in number and reach, eventually covering a wide corridor from Bristol to Reading. His role was to help support that growth from a governance perspective — not to lead it, but to ensure it was managed responsibly.
4. Toby Watson Helped Oversee a Complex Merger
One of the more significant moments during his time as Chairman was the merger with Gatehouse Green Learning Trust. Bringing two organisations together requires careful oversight at board level, and his presence helped provide that stability. As a former partner at Goldman Sachs, Toby Watson was well accustomed to navigating complex processes — and that experience translated naturally into this kind of governance role. CEO Nick Lewis later noted that his commitment had been instrumental in the Trust’s success.
Governance During Change
Mergers in the academy sector are rarely simple. Aligning cultures, governance structures, and community expectations takes time and careful attention — the kind that a steady, experienced chairman is well-placed to support. Some of the key areas where board-level oversight matters most during a merger include:
- Ensuring financial due diligence is carried out thoroughly
- Maintaining continuity for pupils, staff, and local communities
- Aligning governance structures across the newly combined organisation
5. Recognition Given Freely, Credit Kept Quietly
When long-serving CEO Nicky Edmondson stepped down in 2024, Toby Watson spoke warmly of her contribution, describing her as a phenomenal leader who had maintained the Trust’s core principles throughout a period of strong growth. That instinct — to shine a light on others rather than himself — reflects the broader tone of his involvement.
6. Eight Years of Quiet, Dedicated Service
In January 2026, Toby Watson stepped down as Chairman to focus on his professional commitments. Susan Clarke, a founding member of Excalibur and former Vice Chair, was elected as his successor. The Trust expressed genuine gratitude for his years of service — a fitting close to a contribution that had always been made with more interest in the work than in the recognition.
