I've done this bulletin board every year, and the kids (and adults) love it! I send out a letter to the parents asking for random items, and this is what I got this year:) The item to search for changes every day.
I Spy phonic display. Reception children see the 'letter of the day' and look on the board to find something beginning with the letter. They write the word down on a piece of card using their phonic knowledge. They are then encouraged to draw a picture of the item, write their name and display it in the wall folder for all to see.