is this honey fungus?

Ive just been out trimming the privet hedge and there are a few bald patches, with some new growth coming up underneath. On the stems there appears to be little lumps of what would look like cigarette ash. My neighbour has said its honey fungus but when i google all i can see are pics of toadstools and i dont have any of them. The hedge if only 6 years old and up until now has been very healthy, and id hate to lose it because apparently there is no cure for honey fungus 

Try googling Lichen as it could be that.  I have it on my Buxus bushes but it doesn't do any harm

Thanks muddyfork I would agree with you now that you say it could be lichen. That is definitely what it looks like. I shall just carry on clipping and pray that its not this honeyfungus stuff. 

Plants with honey fungus have no visible signs.  The fungus spreads as a white strands just under the bark

Great stuff! Thanks muddyfork, I can stop worrying about it now