This is a lovely keepsake for parents as it is painted on board canvas.  I purchase my canvas boards at Michaels in packs of 10 with my 40% off coupon.   I use the cheap liquid craft paint.
STEP ONE:  Mix up several mixtures of blue for the pond.  Remember to have one a bit on the purple side or pinkish.
STEP TWO:  Let the children cover their canvas with broke strokes of these colors.  I let them “go for it.”  Let this dry before the next step.
STEP THREE:  I give them several sizes of lily pad tracers to trace on their canvas.
STEP FOUR:  I mix up several shades of green and let them paint the lily pads.  Let this dry before going on to the next step.
 STEP FIVE:  I mix up three colors for the lilies – pink, light pink and yellow.  I tell them to begin with the darker pink and build to yellow.  Then we use the side of a cardboard piece and scrape lines into the wet paint.  Let this dry before going on to the next step.
STEP SIX:  Finally, I give them a selection of oil pastels to use.  First, I offer white and blue oil pastels to make “swirls” in the pond.  Second, I offer pinks and yellows to add lines to the flowers.  I suggest they out line the flowers and lily pads.  Finally, I offer greens and yellows for lines on the lily pads.