The inspector described how pupils “are happy and well cared for” and “settle quickly to learning and no time is wasted.”
They also praised the school leadership for designing a curriculum that matches “their high expectations of what pupils should achieve.”
The glowing report, which followed a two-day inspection in January, highlighted the school’s positive approach to personal development.
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The school, which is sponsored by Advantage Schools, was previously rated Good by Ofsted in November 2016.
Samantha Baxter, principal of Elstow School, said: “I am delighted that Ofsted have recognised all the excellent work going on here at Elstow, and that this inspection has confirmed that improvements are in place and we are on our way to being world class.
"There are many comments with which I am delighted but to hear an Ofsted inspector refer to the conduct of pupils and the effectiveness of teachers are some of the things I am proudest of in my career. I would like to say thank you to pupils, staff and parents for their very hard work and support.”