A Lichen? A fern?

A Lichen?  A fern?

Observation - A Lichen? A fern?. Description: In an old Devon hedge bank, wooded farmland, near the River Torridge and just outside a Devon Wildlife reserve. Several areas of this grey growth with green fern like growth from what looked like fruiting bodies on the edges of the grey circular growth

In an old Devon hedge bank, wooded farmland, near the River Torridge and just outside a Devon Wildlife reserve. Several areas of this grey growth with green fern like growth from what looked like fruiting bodies on the edges of the grey circular growth.