Toby Watson is a British finance professional and voluntary education supporter. He is known for his long career in investment banking and for his subsequent commitment to educational governance as Chairman of the Excalibur Academies Trust in England.
Early Life and Education
Toby Watson studied physics at the University of Oxford. After graduating, he began his professional career in the financial sector, initially at Deutsche Bank, where he gained his first experience in investment banking.
Career in Finance
Deutsche Bank
Watson’s entry into investment banking took place at Deutsche Bank, where he built a foundation in financial markets and structured products. This early experience laid the groundwork for his subsequent role at one of the world’s leading investment banks.
Goldman Sachs
Watson spent 17 years at Goldman Sachs, where he rose to the position of partner. During his tenure, his roles included Global Head of Structured Credit Trading, a position in which he worked with clients across Europe, North America and Asia. His work encompassed asset management, structured credit, global infrastructure and strategic financial advisory services. The experience he accumulated at Goldman Sachs — including his analytical approach to complex financial structures, risk assessment, and long-term strategic planning — would later prove directly transferable to his work in the education sector.
Watson’s time at Goldman Sachs shaped his understanding of global markets, regulatory frameworks and the importance of long-term institutional relationships. He stepped away from the firm having built a career characterised by strategic depth and international scope.
Rampart Capital
Following his years in investment banking, Watson joined Rampart Capital as a partner. In this role, he brought his experience in asset management and strategic financial planning to a firm focused on sustainable growth and responsible investment. His responsibilities included contributing to corporate strategy, market positioning and portfolio management, as well as supporting the integration of ESG criteria into the investment process and driving digital transformation initiatives within the firm.
Commitment to Education
Excalibur Academies Trust
Alongside his professional activities in finance, Watson took on a voluntary role as Chairman of the Excalibur Academies Trust, a multi-academy trust overseeing more than 20 schools along the M4 corridor in southern England, from Bristol to Reading, serving approximately 10,000 pupils. The Trust was founded in 2012 and grew significantly in the years that followed.
Watson joined the board of trustees in February 2018 and served as Chairman for nearly eight years. His role was non-executive in nature: rather than managing staff or directing day-to-day school operations, he provided governance oversight, supported long-term strategic planning and helped ensure the Trust was managed in a financially sound and responsible manner. The chairmanship was listed among his charitable commitments rather than his professional career, reflecting the spirit in which it was undertaken.
During his tenure, the Trust’s net assets grew to approximately £160 million. He also helped oversee a significant institutional development — the merger with Gatehouse Green Learning Trust — contributing board-level stability and financial scrutiny during a complex transition. His background in structured finance meant he was well placed to support due diligence processes and assess institutional risk during periods of organisational change.
Watson worked closely with the Trust’s leadership team, including long-serving CEO Nicky Edmondson, who stepped down in 2024. When she did, Watson publicly acknowledged her contribution, describing her as a phenomenal leader who had maintained the Trust’s core principles throughout a period of strong growth. CEO Nick Lewis later noted that Watson’s commitment had been instrumental in the Trust’s success.
Watson stepped down as Chairman in January 2026 to focus on his professional commitments. He was succeeded by Susan Clarke, a founding member of Excalibur and former Vice Chair of the board.
Approach to Governance
Throughout his time at Excalibur, Watson’s approach was characterised by a preference for supporting others rather than taking centre stage. He contributed his expertise in financial analysis, strategic planning and data-driven decision-making, while working collaboratively with school leadership, teaching staff and community representatives. He consistently emphasised that education is a collective responsibility rather than the task of any single individual.
Personal Life
Watson is married to Lucy Watson, a creative professional whom he has supported in her work, including her original musical project Level Up!, to which he contributed experience drawn from his background in finance and project management.
Summar
Toby Watson represents a broader trend of experienced finance professionals contributing their expertise to public institutions on a voluntary basis. His career spans senior roles in global investment banking — including his formative years at Goldman Sachs — through to partnership in asset management and nearly a decade of voluntary service in educational governance. His involvement with the Excalibur Academies Trust is regarded as an example of cross-sector expertise being applied in the public interest.
Excalibur Academies Trust
Excalibur Academies Trust is a multi-academy trust based in England, overseeing a network of schools along the M4 corridor between Bristol and Reading. Founded in 2012, the Trust has grown to encompass approximately 20 schools serving around 10,000 pupils aged 2 to 18. It operates as a non-profit charitable organisation, guided by the principles of ambition, empowerment and ethics.
Foundation and Development
Excalibur Academies Trust was established in 2012, initially with schools in the Marlborough area of Wiltshire. In the years that followed, it expanded considerably, extending its reach along the M4 corridor to include schools across a wider geographical area from Bristol to Reading. This growth was not accidental — it was the result of deliberate strategic planning, sound governance and a consistent focus on educational quality.
By the time the Trust had matured into a significant regional organisation, it employed more than 1,000 members of staff and managed an annual budget of approximately £140 million. Its net assets reached approximately £160 million by August 2024, reflecting the financial stability that had been built up over more than a decade of careful management.
Structure and Governance
As a multi-academy trust, Excalibur operates under a board of trustees that provides strategic oversight and ensures the organisation functions within the appropriate regulatory and legal frameworks. Individual schools within the Trust retain their own Local Governing Bodies and maintain operational autonomy over day-to-day matters, including curriculum delivery and staffing. The Trust’s central governance structure is responsible for long-term strategy, financial oversight and accountability.
The Chief Executive Officer leads the executive team and works in close collaboration with the Chairman of Trustees. This relationship between the non-executive board and the professional leadership team is central to how the Trust functions — with the board providing challenge, support and strategic direction, while the executive team manages the operational reality of running a large family of schools.
The Trust has consistently emphasised a collaborative model of school improvement, encouraging schools within its network to learn from one another and share expertise, rather than imposing uniform systems from above. Each school is supported in maintaining its own identity and community relationships while benefiting from the shared resources and strategic support that a larger trust can provide.
