A match between the reigning champions of England's top division and the FA Cup holders was first played in 1908, with Manchester United beating Queens Park Rangers at the second attempt.
Since then, this format has been used to mark the start of the domestic season while also raising money for charity.
Proceeds from the game are distributed to the 124 clubs that compete in the FA Cup from the first round onwards to be given to charities and initiatives of their choice.
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The competition was called the Charity Shield up until 2002, when it was renamed the Community Shield.
This change came about because the FA had failed to meet the standards outlined in the UK's charity law by not informing ticket holders exactly how charities would benefit.
When announcing the new name, FA spokesman Adrian Bevington said: "We want to ensure that good causes continue to receive financial support from football through the FA Community Shield.
"Additionally, we want to see individuals who are some of the game's real heroes receive recognition for their great work."
Man United are the most successful club in the history of the competition, winning it a record 21 times.
Their last success was in 2016 when Jose Mourinho's side beat Leicester City 2-1, with Jesse Lingard and Zlatan Ibrahimovic on the scoresheet.
On Saturday, bragging rights will be at stake as Man United face their local rivals Man City in a repeat of May's FA Cup final.
They were able to spring a surprise at Wembley that day and will be hoping to do the same again in the Community Shield.
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