The foundation stone, an ancient carved stone head known as "the Old Man" (the subject of generations of schoolboy tradition) which formed the keystone above the west door of the school room, was laid on 17 October 1929 by Lady Burghley. The work was completed in 1930 and now comprises a rectangular building with a combined nave and sanctuary and north aisle. (What is now the nave of the chapel originally constituted the south aisle of St Paul's church, while the north aisle of today's chapel was originally part of the medieval nave). Extensive oak panelling by Bowmans of Stamford covers the interior walls and the altar table, cross, candlesticks and riddel posts (also by Bowmans) present as Low Church Anglican. The chapel was re-consecrated by the Bishop of Lincoln, William Swayne on 21 June 1930.
