The memorial, in the School Assembly hall records the names of former pupils who fell in two world wars. The memorial for the First World War had previously been at the Old Academy in Rose Terrace. This memorial has been replaced by a new plaque donated by Perth Civic Trust. Pupils of Perth Academy have identified everyone on the memorial and made a record of their lives.
The building at 8 Rose Terrace was built on land donated by Thomas Hay Marshall and built by private subscription. The architect was Sir Robert Reid. When completed in 1807 it housed the “Public Seminaries which included Perth Academy and Perth grammar School, plus various individual teachers and their pupils". This building became known as Perth Academy. In 1915 Sharp’s Institution was amalgamated into the Academy Teaching was transferred to the new building at Viewlands in 1932.