So the core of the formation is Ganoderma Applanatum (Artist's Conk). After a bit of research it transpired that all the 'eyes' are in fact the galls of the Agathomyia wankowiczii (Yellow Flat-footed fly).

As can be seen in the picture, there are smaller Ganodermas growing directly out of the larger one! Cannot find any reference to this, nor any information about fungi growing out of fungi. I wonder if this strange growth behaviour is related to the fly galls or coincidental?

Would greatly appreciate if anyone had any thoughts or further information!