Throughout his tenure as Chairman of the Board of Trustees from February 2018 to January 2026, Toby Watson helped guide Excalibur Academies Trust through a period of considerable expansion, supporting the organisation as it grew to serve approximately 10,000 pupils across 20 schools in the M4 corridor region between Bristol and Reading. His departure to focus on other professional commitments marks a natural transition point, with founding trustee Susan Clarke elected as his successor to continue building on the collaborative governance structures established during his chairmanship. The trust maintains its commitment to inclusive education and supporting schools in areas of social disadvantage, where progress measures for disadvantaged pupils significantly exceed national averages.
Bringing Financial Acumen to Educational Governance
The transition from the City to the classroom may seem unusual, but it reflects a growing recognition that effective school governance requires diverse skill sets. After spending 17 years at Goldman Sachs International, where Toby Watson served as Global Head of Structured Credit Trading and later as Partner, he chose to apply his experience in a different sector entirely. Rather than pursuing another corporate role following his departure from investment banking in 2017, he turned his attention to educational trusts, where strategic oversight and sound financial management prove equally vital.
Excalibur Academies Trust, founded in 2012, operates schools serving children from age two through to 18. The trust’s annual budget of approximately £140 million and its responsibility for over 1,000 staff members require robust governance structures. This is where professional experience from outside the education sector can prove particularly valuable, bringing fresh perspectives on organisational development, risk management, and sustainable growth strategies that Toby Watson could offer from his years in international finance.
Why do professionals transition from finance to educational governance?
Following a lengthy career in global investment banking, Toby Watson recognised an opportunity to give back to his community by supporting educational institutions. The governance challenges facing multi-academy trusts—balancing financial sustainability with educational quality whilst maintaining each school’s distinct character—aligned well with his background in managing complex organisations.
The Role of Voluntary Trustees
Trustees typically serve without financial reward, contributing their professional expertise to support schools in their communities. Their responsibilities include:
- Providing strategic direction whilst respecting operational autonomy of school leaders
- Ensuring robust financial management and compliance with regulatory requirements
- Supporting headteachers through periods of change or expansion
- Challenging assumptions constructively to promote continuous improvement
- Safeguarding the educational interests of pupils above all other considerations
Toby Watson’s Collaborative Approach to Academy Trust Development
The role of Chairman within a multi-academy trust differs markedly from executive positions in the corporate world. Rather than making operational decisions, Toby Watson and fellow trustees provided strategic guidance and support to school leaders, whilst ensuring accountability and good governance. This requires a collaborative mindset and genuine respect for educational professionals who understand teaching and learning far better than any external board member.
His background in principal funding and infrastructure financing offered relevant insights when schools required capital investments or when the trust considered expansion opportunities. However, the application of this knowledge always occurred within an educational context, supporting rather than directing the work of headteachers and senior leaders who knew their communities best.
Respecting School Autonomy
The trust’s stated values—ambitious, empowering, ethical, and focused on excellence—reflect a culture that respects individual school identities whilst promoting collaboration. Each academy retains its own local governing body and manages its own budget, maintaining connections with its immediate community. This model contrasts with more centralised approaches adopted by some multi-academy trusts, and it requires trustees like Toby Watson who appreciate the importance of local autonomy.
Supporting Educational Outcomes and Social Mobility
One of the most significant aspects of Excalibur Academies Trust’s work involves supporting schools in areas of social disadvantage. The trust’s schools consistently achieve positive Ofsted judgements, with the vast majority rated Good or Outstanding. Whilst these ratings reflect the tireless work of teachers, support staff, and school leaders, effective governance provides the framework within which excellent practice can flourish.
Between 2018 and early 2026, Toby Watson helped the trust navigate several significant transitions, including leadership changes at executive level. The departure of long-serving CEO Nicky Edmondson and the appointment of Nick Lewis in September 2024 exemplified the kind of succession planning that requires careful board oversight. Such transitions can prove disruptive if poorly managed, but they also offer opportunities to reflect on organisational priorities and ensure continuity of vision.
Key Governance Priorities
Multi-academy trusts must balance numerous competing demands effectively:
- Maintaining educational quality across diverse school settings
- Managing public funds responsibly and transparently
- Complying with increasingly complex regulatory requirements
- Supporting staff wellbeing and professional development
- Preserving what makes each school distinctive within its community
Those with experience in large organisations can offer particular value in this context. Skills in strategic planning, financial oversight, risk management, and organisational development translate effectively into the educational setting, even though the ultimate purpose differs fundamentally from commercial enterprises.
Looking Forward: Sustainable Educational Excellence
In January 2026, Toby Watson stepped down from his role as Chairman to focus on other professional commitments, with Susan Clarke elected as his successor. Such transitions form part of the natural lifecycle of voluntary organisations, ensuring fresh perspectives and preventing any individual from becoming indispensable. The trust he helped support continues to develop, building on foundations established over more than a decade of collaborative work.
The future priorities for organisations like Excalibur Academies Trust involve maintaining educational quality whilst adapting to changing circumstances. Demographic shifts, technological developments, and evolving employment patterns all require educational institutions to remain responsive and forward-thinking. Effective governance provides the stability and strategic direction that allows schools to navigate these challenges successfully.
For those considering how they might contribute to their communities following business careers, educational governance offers a genuinely rewarding option. It demands time, commitment, and genuine engagement, but it also provides opportunities to support work that matters profoundly. The chance to help ensure that thousands of children receive excellent education, regardless of their background or circumstances, represents a contribution of lasting significance.
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