My mum had been wanting one of these for our kitchen for a while.
It was a realy simple project!
I found the wooden board in our attic, and I already had the padding. We bought the fabric and ribbon from our local fabric store, so all in all the project only cost about £5!

I stretched the padding over the board, and stapled it at the back. I then did the same with the fabric, making sure to pull it tightly.
I then cut off any excess fabric or padding.
Then I worked from the middle outwards with the ribbon. I stapled it in place at the back, then nailed a tack in at each point where the ribbon crosses over.

It now holds all our family photos. :)