Simplify the following text for a Grade 12 native English-speaking person.
Original: Established in 1902 by King Edward VII , admission into the order remains the personal gift of its Sovereign , the reigning monarch of the Commonwealth realms , and is limited to 24 living recipients at one time from these countries plus a limited number of honorary members .
Simplified: The sovereign of the order is the reigning monarch of the Commonwealth realms , and is limited to 24 living recipients at one time from these countries plus a limited number of honorary members .