This is everything you will need :]
Yes there is a pack of cookies I was hungry, they are not needed for this project XD

Start by pasting ripped up bits of newspaper onto the balloon. Use the brush to glue them on. By mixing the glue with water the glue will last longer plus it makes it easier glue all the paper on. Use the cup to sit the balloon on.

As you paste the newspaper on you will want to leave the top of the ballon uncovered like this as this will be the "lid" and where you put the goodies in :]

You will need about 3 or 4 layers of newspaper to make it strong enough but once you've done that you can pop the balloon. Only pop the balloon when it is totally dry. If it is still wet inside, as the balloon shrinks it will pull the inside layers of newspaper off.

On a piece of paper draw a circle a little bit smaller then the opening of the balloon and tie thread or a ribbon to it. It will all become clear soon this part XD quite cleaver even tho I've only got it to work once XD

Paint it! :D Now I didnt have a lot of time so I only painted 2 layers in red without painting it white first to get rid of newspaper prints. Make sure you don't start this the day before you need it XD

Put the goodies in! :D

Now this is the tricky part. The bit you cut out in step 5 needs be as thick as the rest of the balloon as the idea is that you stick that bit of paper on with one a few strips of newspaper so when you pull the thread/ribbon it gives way and the "lid" comes off. Hope that makes sense XD Once you've glued it on, paint it.

Then decorate it! :D Hope all this made sense, any questions just ask :]