The Ascension Church is located on Volkush Mountain, south of the Trinity-Sergius Monastery, in the former Icon, or Ascension, settlement. Initially, there was one wooden church here, but by the early 18th century, there were two: one dedicated to the Ascension of Christ and the other to the Three Universal Saints. In 1766, the construction of a new stone church began, which was planned to be two-storied, but ultimately a single-story cold church of the Ascension of the Lord with a warm refectory and bell tower was built, consecrated in 1779.

The church, like the Christmas one, had a women's almshouse, opened in 1853 with funds from merchant Alexei Egorovich Erofeev, designed for 12 people. The Ascension Church follows the traditional scheme of a parish church and consists of a low two-light square base with a small dome, a spacious refectory with two chapels, in honor of the Three Universal Saints and the icon of the Mother of God "Joy of All Who Sorrow," as well as a three-tiered pillar-like bell tower. The geometric forms of the church are softened by the shaped curved roofs of the square base, altar, and bell tower.

The facades of the building are decorated with paired pilasters, flat lintels, and thin bands of profiled cornices, but the decorative embellishments are rather unexpressive. The bell tower, whose western facade is close to the red line of the avenue, looks more festive due to the rustication on the lower tier and the arches of the second and third tiers, complemented by cross-shaped and round windows.

Overall, the squat and massive Ascension of the Lord Church is the last monument of Baroque in the city and is likely the least successful among the churches of the settlement.