The Ofsted report on the progress towards Oxford's first academy is a grave disappointment.
The creation of an academy was seen as a cure for all the ills which had beset Peers School at Littlemore.
But it is clear that much work remains to be done.
Inspector Paul Brooker praises the professionalism of teachers and says that older pupils believe that the school has improved since being put into special measures in 2005.
But the rest of his report paints a bleak picture.
He says that low morale and turbulence among staff has affected the quality of teaching and learning, pupils are reluctant to sign up to the academy, and plans for the whole project are underdeveloped.
It is clearly too late to turn the clock back.
But with the academy due to open in September, the principal and sponsors have little time left.
The Ofsted report should be regarded as an urgent wake-up call.
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