The charity, established following the recommendations of the Russell Commission, is guided by a group of young volunteers known as V20, with young people also forming the largest constituency of its board of trustees.

But the executive director of CSV, Dame Elisabeth Hoodless, said: “To reach this target over the next four years, real and purposeful opportunities must reflect the aspirations and ambitions of young people."

“There is huge potential to engage young people in tackling community needs and strengthening democracy,” she added.

V will secure support for volunteering from the private sector, and the government had made £50 million available to match fund financial aid from private companies.

The name of the new charity was unveiled on Monday at a film premiere themed event at Leicester Square’s Vue cinema.

CSV has also set up a shadow board of young volunteers from a variety of ethnic and social backgrounds. The group will inform CSV’s work by telling them what young people want from volunteering.

It is also running workshops for charities new to volunteering on how to attract volunteers.