Hosting PHP is being upgraded

Hi there

Just a quick question about PHP. My hosting service is updating to PHP 5.4.31 and have sent the following message:

All our hosting servers will have their default PHP version updated to 5.4.31 and this will continue to be the native version until further notice. For those that still require PHP version 5.3, you will be able to switch down to this by clicking "Select PHP Version" in your cPanel interface and choosing the "5.3" option. You can also select version 5.5 if required.

Do I need to stick with 5.3 or is this change not going to affect any of the site I've done using Perch.

Thanks

Evie