It is testimony to the optimism of the founders that they adopted Butterfield's grand design even though the original funds had been exhausted by 1870.

Their optimism was rewarded. William Gibbs, an octogenarian member of a rich merchant family which had made its money by the export of guano from the Pacific islands, gave all the money for the magnificent Chapel on the north side of the Quad, and his heirs paid for the Hall and Library on the south side.

The foundation stone for the Chapel was laid in 1873, three years after the founding of the College and it was opened exactly three years later on St Mark's Day 1876. This date is significant as it was John Keble's birthday and is celebrated annually by the College's St Mark's Day Dinner.