I did that for my creative granddaughter a few years ago. She loved it. I included a lot of what you all have already suggested. She found a way to use most of it. On my visits, I would bring her other tidbits I would come across. Then one year I made her a "design board" which was foam board covered in pink flannel and a safe scissor and a bunch of fabric that I cut into small pieces and left some larger pieces. She also loved that. And her first lesson was "don't use these scissors on paper!"

When my kids were young, they made things with clothespins, could probably google it or find ideas on pinterest.

Wooden cloths pens, they come in many sizes. Pop cycle sticks, rick rack, aluminum foil, magnets. You can get the magnets in a roll to cut the size you want or just small round ones. Creamer cups you get in a cafe. Different size jingle bells. Just to add to what others have said since these haven't been mentioned yet.

Egg cartons and Christmas garland. (Cut and glue the egg carton into the shape of a Christmas tree and glue garland into the rows created. Put a string on top for hanging.) Pipe cleaners and beads for making wreaths. I must have 100 of these on my tree all handmade by my children.
Spools from thread, washable paints (use the egg cartons for paint) and brushes, school glue.
Fancy scissors with pinked edges or scalloped edges for cutting designs.

Stickers, lace, ribbon, heavy plastic jar lids - for tracing or holding paint, old parts from games, dried beans, rice, cinnamon sticks, alphabet macaroni - or any kind of pasta, bingo markers - great for making dots but can also be using for drawing, Q-tips, fabric squares, old shirt or apron to be worn during messy projects, painter's tape - easy for little hands to tear.

Check out your local $ Store(s) and resale shops. I find amazing things there!

Older children would probably enjoy searching for craft projects online.

Here is my favorite link for children's craft projects: http://www.thecraftycrow.net/

I have made pictures with contact paper and scraps of fabric,rick rac,sequins etc. with my grandson. Clear or white work well. If clear they could make place mats.

I was thinking about balloons and I found this site with some stuff to make with balloons.

http://www.buzzfeed.com/peggy/unexpe...lloons#3gi2njx

freezer paper - draw shapes, iron on to felt, cut out - can be used to decorate anything

I always bought those small wooden bird houses (about $1.00 each) - kids love to decorate them and then hang them inside or outside.

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I did that once. My daughter would liked to have killed me. She does not do crafts ever. So from there on I found a drawer unit and I keep throwing junk in there and when they come over they can raid and play. Their favorite is to make flower fairies.
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They spent the night and then decorated sewing machine.
To do the fairies you can take the flowers apart, put a bead on a pipe cleaner for a head, then you can string the flower on to the pipe cleaner. Pipe cleaners hanging down for legs. You can use another pipe cleaner for arms. I got a huge bag of flowers at the thrift store for not very much - hours of entertainment.

how about some beads and buttons get plai note cards for them .can make their own cards