Simplify the following text for a Grade 8 native English-speaking person.
Original: Winchester College was founded in 1382 by William of Wykeham , Bishop of Winchester and Chancellor to both Edward III and Richard II , and the first 70 poor scholars entered the school in 1394 .
Simplified: Winchester College was founded in 1382 by William of Wykeham , Bishop of Winchester and Chancellor to Richard II . The first seventy students entered the school in 1394 .