Well out of my depth

I came across these tiny club fungi this morning. I'm quite out of my depth in terms of identification and not all sure what the white encrustation is. Are they spores or is the fungus under attack by some mould or other? Any ideas?

Thanks to Ceridwen and to Geoffrey Kibby I now have an identification for the "mould" growing on the club fungus. It is most probably Calcarisporium arbuscula, a common fungus that feeds on a wide variety of other fungi.