I totally agree with AlexaWazo. That would be the easiest - get rid of all boring and half-good stuff, but make sure you keep all the kids. Some of them may be present on the segment you would cut out otherwise.
Group footage together by seasons or by events. Start each section with the title and a music theme, something the children and the parents may relate to. Keep the music up during mostly visual parts, bring it down for the moments when you want a sound bite or full natural audio.
Keep it going chapter after chapter, one step at a time.