St Leonard's, at the entrance to Smeaton's Pier, is a small stone chapel originally dedicated to and for the use of local fishermen. It's of similar style and construction, though smaller and even more austere than St Nicholas' chapel, on the Island. It's not known when the chapel was built, but there are records of repairs dating from 1577. As well as for prayers before embarking to sea, the chapel was probably also used for shelter in bad weather.

The large bronze plaque on the wall was added in 1959 and records the names of all the St Ives fishermen drowned at sea. The chapel was renovated in 1971 and opened as a museum and memorial to the fishermen of old St Ives.