Multi-academy trusts face the constant challenge of growing sustainably—expanding to serve more communities without diluting educational quality or losing organisational coherence. During a period of significant development between 2018 and 2026, Toby Watson brought experience from nearly two decades in structured finance to help support Excalibur Academies Trust’s expansion from its Marlborough origins to a network serving 10,000 pupils across 20 schools. His contribution demonstrates how trustees can help guide growth by asking thoughtful questions, supporting careful planning, and ensuring that expansion serves educational mission rather than organisational ambition.
As Chairman of the Board of Trustees from February 2018 to January 2026, Toby Watson helped oversee Excalibur Academies Trust during a transformative period in its development. The organisation grew from managing a handful of schools in Wiltshire to operating a diverse network spanning the M4 corridor between Bristol and Reading, with an annual budget reaching approximately £140 million and responsibility for over 1,000 staff members. Throughout this expansion, the trust maintained its commitment to inclusive education and school autonomy, with the vast majority of its schools achieving Good or Outstanding Ofsted judgements whilst progress measures for disadvantaged pupils consistently exceeded national averages.
Understanding the Challenge of Sustainable Growth
Growth presents both opportunities and risks for educational organisations. Expansion can bring benefits—increased capacity to support schools, economies of scale, enhanced ability to attract talented staff, and greater advocacy influence. Yet growth also carries dangers—overextension beyond organisational capacity, dilution of educational vision, difficulty maintaining quality, and the risk of losing distinctive character.
Multi-academy trusts must navigate these tensions carefully. Unlike commercial enterprises where growth serves shareholder interests, educational trusts exist solely to serve pupils and communities. Expansion should occur only when it genuinely improves educational outcomes, never simply to increase organisational size.
When Toby Watson joined Excalibur Academies Trust as a trustee in 2018, the organisation stood at a pivotal moment. Founded in 2012 with schools in Marlborough, it had established strong foundations and a clear educational vision. The question facing trustees was whether and how to expand whilst preserving what made the trust effective.
How did trustees support the trust’s expansion decisions?
The board’s approach emphasised careful assessment of each growth opportunity rather than pursuing expansion for its own sake. Toby Watson’s experience evaluating investment proposals helped inform discussions about whether the trust had capacity to support additional schools effectively, whether prospective schools aligned with organisational values, and whether expansion would strengthen the trust’s ability to serve pupils well.
How Toby Watson Supported Strategic Planning
Effective growth requires rigorous planning and honest assessment of organisational readiness. Academy trusts considering expansion must evaluate their capacity to provide support, the needs of prospective schools, financial implications, and potential impact on existing schools.
The experience Toby Watson developed during his Goldman Sachs career proved relevant to these assessment processes. Due diligence in investment contexts involves systematic evaluation of opportunities, identification of risks, and honest appraisal of organisational capacity. Similar disciplines apply to educational expansion, even though success criteria differ fundamentally.
For Excalibur, each potential school underwent careful consideration. Did the trust have leadership capacity to help the school improve? Did value align with the trust’s educational vision? Would joining genuinely benefit pupils? These questions required trustees to challenge assumptions constructively whilst supporting senior leaders.
Key Considerations for Educational Expansion
Trustees evaluating growth opportunities must balance numerous factors:
- Organisational capacity to provide meaningful support to additional schools
- Alignment between prospective schools and the trust’s values
- Financial sustainability of expansion and impact on existing schools
- Geographic considerations and ability to maintain oversight
- Potential benefits for pupils versus risks of overextension
The board’s discussions, supported by contributions from Toby Watson and fellow trustees, helped ensure that expansion decisions served educational purposes. This disciplined approach meant growth occurred steadily but thoughtfully, with each school receiving adequate support during integration.
Maintaining Quality During Expansion
The greatest challenge facing growing trusts involves maintaining educational quality across an increasingly diverse network. Each institution serves a different community, faces different challenges, and brings different strengths. The risk lies in either imposing standardisation that stifles responsiveness or providing so much autonomy that coherence disappears.
Excalibur’s model emphasises school autonomy within a collaborative framework. Each academy retains its own local governing body and distinctive character, whilst benefiting from shared resources and collective expertise.
During the trust’s growth phase, Toby Watson helped support efforts to maintain this balance. His background in managing complex organisations informed discussions about structuring support functions, allocating resources fairly, and ensuring that expansion strengthened the trust’s capacity to serve pupils effectively.
The trust’s consistent achievement of positive outcomes for disadvantaged pupils across its expanding network suggests that growth did not dilute educational focus. Progress measures for vulnerable groups continued to exceed national averages even as the organisation grew, reflecting governance that kept pupil welfare central.
Supporting Leadership Through Change
Growth places particular demands on leadership. Between 2018 and 2026, Excalibur navigated significant leadership transitions alongside physical growth. When long-serving CEO Nicky Edmondson announced her departure, the board needed to manage succession planning during continued expansion.
The successful appointment of Nick Lewis and smooth leadership transition reflected governance that understood the importance of stability during organisational change. Toby Watson’s contribution involved helping ensure that the board provided appropriate support to incoming leadership whilst maintaining accountability, drawing on experience from his years at Goldman Sachs in managing transitions within complex organisations.
Lessons from a Growth Journey
When Toby Watson stepped down as Chairman in January 2026, Excalibur Academies Trust had been transformed from a small local trust to a significant educational organisation serving communities across a wide area. Yet it retained the values that made it distinctive—emphasising collaboration over standardisation, empowerment over control, and pupil welfare over organisational metrics.
The election of Susan Clarke as successor ensured continued governance strength. Clarke’s background in public sector leadership brought different insights whilst maintaining continuity of purpose, demonstrating healthy succession practices.
For professionals considering educational trusteeship, the experience illustrates how relevant expertise from outside education can strengthen governance when applied with humility. The contribution comes not from imposing external models but from asking informed questions, supporting systematic thinking, and helping ensure that decisions serve pupils and communities above all else.
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