Inspectors say a school is taking effective action to raise standards since its last inspection.
Wrenn Academy in Wellingborough was judged by Ofsted to have serious weaknesses last October.
The regional schools commissioner then wrote to members and trustees of The Education Fellowship Trust (TEFT) last December with a termination notice regarding the school due to its poor performance.
In March, the Department for Education agreed to a request from the trust to terminate their funding agreement for all 12 of its schools and all of the schools, including Wrenn, will be rebrokered by the regional schools commissioner.
But until the new sponsor is confirmed, the trust remains as the sponsor.
However, Ofsted visited the school in May for its first monitoring inspection since last October and the school is pleased with the inspector’s feedback.
The report says the principal has successfully strengthened leadership capacity across the school and leaders at all levels have embraced the greater responsibility given to them and their role in raising standards across the school.
And it says pupils’ behaviour and attainment are improving.
The report also said: “Following the last inspection, TEFT failed to produce a statement of action to address how it would support the areas for improvement identified at the last inspection.
“Nor have representatives from the trust taken up the invitation to attend the local governing body meetings.
“TEFT has failed to provide sufficient additional and effective support and challenge, over and above that provided from within the school and the appointment of the principal.
“The trust has not helped the school enough to make the necessary improvements to raise pupils’ outcomes.
“Despite this, the principal and senior leaders have taken effective action and are using the areas identified at the last inspection to raise standards across the school.”
Ofsted inspector Sally Smith made three judgements following this inspection, saying leaders and managers are taking effective actions towards the removal of the serious weaknesses designation and the school’s action plan is fit for purpose.
However, she also said the trust’s statement of action is not fit for purpose.
The report has been published on the Ofsted website and a letter from principal Steve Elliott to parents said: “We are extremely pleased that all of the hard work that our students, staff and governors have contributed to since the last inspection has been clearly recognised and acknowledged.
“However the journey is not yet complete and we must ensure that there is a clear focus on raising the outcomes of all of our students.
“We will continue to focus on each aspect of the school’s development plan, which will enable us to deliver a school that provides excellent opportunities for every student.”
And he went on to say: “This report accurately describes our school and the journey it is on.
“We now look forward to the opportunity to invite Ofsted in for a full inspection when our wonderful school can finally be recognised as good.”