The full 48 page audit, conducted by Deloitte and dated May 28, was also released and outlined issues with its financial performance, administration and governance.
Since February the kura had worked to address the concerns, Ms Parata said. Those include: appointing a new chair, disestablishing two school management positions and replacing them with an experienced and highly regarded principal, reviewing policies and procedures, and gaining the support of key local leaders.
The Northern Advocate understands of the five original trustees, only one remains.
The changes did not yet go far enough, Ms Parata said.
In exchange for keeping the school open the trust had agreed to three changes. They were: work with the Ministry to secure the kura's new education leader, appoint one or more trustees nominated by Ms Parata and appoint a trustee with a recognised financial and business background.
"If the Board had not agreed to those changes, I would have issued it with a notice to terminate the agreement when I met with it in Whangarei just under three weeks ago," Ms Parata said.
While there would be another audit in October, Ms Parata reserved the right to close the kura earlier.
For more, read tomorrow's Northern Advocate.