According to back cover liner notes on Schoolboys in Disgrace, the story which the album presents is as follows:
Once upon a time there was a naughty little schoolboy. He and his gang were always playing tricks on the teachers and bullying other children in the school. One day he got himself into very serious trouble with a naughty schoolgirl and he was sent to the Headmaster who decided to disgrace the naughty boy and his gang in front of the whole school.
After this punishment the boy turned into a hard and bitter character. Perhaps it was not the punishment that changed him but the fact that he realised people in authority would always be there to kick him down and the Establishment would always put him in his place. He knew that he could not change the past but he vowed that in the future he would always get what he wanted. The naughty little boy grew up... into Mr. Flash.
Mr. Flash was the name of the villain from The Kinks' rock opera, Preservation: Acts 1 & 2.