Often seen on sickly hardwood trees, but equally common on dead wood including cut timber, the Split Gill fungus usually grows as a sessile bracket. On the undersides of branches, however, it more often forms centrally-attached circular fans, as shown on the left, below.
Seen from above, this is just another small white bracket-like fungus, but beneath the cap are radial gill-like folds, each of which is centrally split - hence the common name Split Gill. These splits are a clever adaptation to changing environments.