Sand your cabinet. Apply a coat of paint, allow it to dry, and apply a second coat. Seal your work with polyurethane. Allow it to dry before proceeding.
Drill a hole into the cabinet door about an inch in from the door's opening edge; match the hole's circumference to your knob hardware. Attach the knob.
Set the cabinet on its side, so the door opens from the cabinet's bottom edge. Using your knife, cut the foam to match the dimensions of the cabinet's new top.
Lay the fabric face down. Spray the surface of the foam piece with spray adhesive. Center it over the face-down fabric, then press it to the fabric. Spray the exposed edges of the remaining face-down fabric with adhesive. Fold the edges over, wrapping the corners as you would a present, and press them to the foam.
Flip over the cushion to its good side and place it on top of your completed toy storage bench.
Place a cable spool on top of the plywood sheet and trace around its circular end. Set aside the stool. Tack the end of the yarn to the center of the circle you drew and extend it about a foot farther than your circle's edges. Cut the yarn to this length, plus an inch or two.
Tie a pencil to the string, and then pull the string as far as it'll go from the tack to which it's attached. Use the string to help you draw a large, perfectly even circle. Cut out the circle using your jigsaw.
Sand and paint your cable spool; paint one side of your plywood circle as well as its edges. Paint the other side with chalkboard paint after the first side has dried. Seal everything with polyurethane except the chalkboard painted surface.
Drill three pilot holes through your plywood piece's center. Attach it to the cable spool with screws to complete the project.
Cut away the bark from the stumps with an axe, and sand them smooth.
Apply wood primer with a clean paintbrush. Allow primer to dry and lightly sand the primed surfaces. Paint both stumps and allow them to dry.
Place the stumps flat sides on top of the felt. Draw around the stump's ends to make two circles on the felt. Cut out felt circles and glue them to the stools' bottoms with spray adhesive.