What you have here Cate are two fungi! One macro and one micro. The macro one is a Boletellus species, that is the one that has the shape of a fungus with those very prominent pointy structures over the cap (pileus) surface, these are actually the original scales that are now mostly coated to form those sharp pale pointy bits. The micro one is coating the Boletellus with a smooth pale skin like growth. This is a species of Hypomyces, a parasitic fungus, which two families of fungi seem to be particularly susceptiable to. The Boletaceae family, to which your Boletellus belongs and the Russulaceae family to which Lactarius and Russula fungi belong. The Hypomyces will eventually coat the whole fungus. You may see this in various stages and colours from white, brown and bright yellow. Now I have to try and decide how I'm going to identify this as it's actually two records in one.