Many business schools look for people who are active in the community.
Using volunteering experience from seven years ago doesn't really demonstrate that you are active in the community, and I don't think that it would add much value to your application
unless you made a significant achievement as part of it - but then I suspect that if you had made a significant achievement, the people would still remember you.
In terms of what activities 'count' - it could really be anything outside of work, as long as you can talk about your individual contribution / achievements... a couple of ideas:
- Community work / volunteering (e.g. youth mentoring, homeless shelter, care home...)
- Local residents / civic association
- Political work / campaigning (though I would suggest not naming the party concerned, to avoid any prejudices)
- School governor
- Magistrate
...and many many more...
Schools may check up on the references... so if you have a 'contact person' in mind, it's always helpful to contact them and let them know what you're doing, and ask for their permission to use them as a reference.