Latin translation help please

[Sussex Maid]

I have been sent this transcript of a graduation diploma and am having difficulty translating it - have tried googling but the translation doesn't make sense..
Can anyone help please?
'Collegii Setoniensis (Seton College)
Diploma ad Gradum (Graduation Diploma)
Artium Magistri (Master of Arts)
Nos Collegii Setoniensis Farnltas:

rite probatum, ad Gradum Artium Magistri admittimus et promovemus, eique jura omnea et privilegia ejusdem gradus hisce praesentibus in perpetium valituris concedimus et conferimus.
In cujus rei testimonium easdem hasce literas chirographis Datum in aula Collegii Setoniensis apud South Orange, in civitate Neo=Caesareensi die XXI mensis Junii anno Domini MDCCCLXXI hujus vero reipublicae, XCV'
Thank you

[kiterunner]

Duly proved that we admit and advance to the degree of Master of Arts, and we grant and confer all the rights and privileges of the degree (I think the ""hisce praesentibus in perpetium valituris" means something like with these witnesses present, but not sure. Maybe it means that the diploma is proof.)

Not done the second sentence yet but I think it's just basically giving the date and the name and address of the college. The date being 21 Jun 1871.

[Sussex Maid]

KiteRunner - I appreciate your help with this, thank you very much