Beech Woodwart Fungus

From a early April this year: beech woodwart fungus, Hypoxylon fragiforme.
I am not sure what the small red particles are: they could be the spores of the fungus, or they might just be something else that happens to be living on the fungus. [Note added 2012-02-19: they could be Nectria episphaeria, see here.]
Photo taken in the Wilderness, Whiteknights Park, Reading University grounds, Reading, UK, on 2010-04-05.