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Decorating teddybear shaped biscuits, we did this and it took up 20 mins so was a good time filler and can be put in party bags. You can also get teddy bear t-shirts to decorate with fabric pens but I guess one size won't fit all teddies.
Agree with pass the parcel, bingo and we also did a chopsticks game with skittles that was quite fun. Time files really fast so you don't need loads of things to do.
You could let them decorate the cupcakes as teddies. Chocolate buttercream. Choc button for ears and nose. Print off pictures of teddies and get some fabric scraps to make a collage? Other crafty activities like bead stringing?