This experiment lets you develop a parachute of your own. It may not be good enough to take the weight of the kids but will help to demonstrate the principles behind a parachute.
Requirements
A big handkerchief which is not torn at any place
4 strings of strong thread
A small weight probably in the shape of a toy person (otherwise a simple weight would do)
Procedure
Take each corner of the handkerchief one by one and tie one end of a thread to it securely. Tie the other end to the weight or the toy-man.
Repeat the same for all the remaining three corners.
Just ensure that when you hold the handkerchief from the mid point, the length of all threads should be approximately the same so that it does not affect the performance of the parachute.
Just stand in open ground, fold the handkerchief over the weight and hurl it with full force to as much height as you can with all your might.
If everything works fine, the weight will come down slowly as if floating in the air, rather than abruptly falling down under gravity.