The church was commissioned by a Moscow merchant Ivan Syrkov in 1508. Syrkov founded a successful merchant dynasty in Novgorod that wielded significant political power as well. The church is a three-story, one-belfry building with four internal pillars. The lower level of the church was used as a large warehouse. During the 16th century, the basement of the church held some of Ivan the Terrible's coffers.
These days there is a Culture Centre for Children in the church. Due to an amazing temple acoustic in a concert hall, it is perfect for holding classical, academic, sacred concerts and folklore programs. There are meetings, seminars, round tables, exhibitions held in the church.