Boarding school headmaster Dr. Jankers is too fond of a tipple - and far too fond of a flutter on the horses, resulting in a £250 debt to a pair of heavy London bookies. To make matters worse, it's the school's own funds he's been gambling with, and the debt is about to be called in!

Meanwhile, the school's resident twit, Cardew, is unwittingly the source of all said funds: a rich uncle left a large financial settlement in his will, to be paid to the school for every year he is a pupil there. After sixteen years on the register, Jankers has never been more reluctant to see him pass any exams as he is now, but the education ministry has cottoned on to this long-term student and are also hot on the heels of St. Fanny's.

As various parties all head to the school in an attempt to find out what's going on, an almighty collision of wills and intentions looks set to occur. And perhaps it's time for Cardew to do a bit of growing up.