Lichens are just about the most colourful objects in the landscape hereabouts at this time of year. This one is a Xanthoria species - Xanthoria parietina I think - growing on an elder twig. The little orange discs are apothecia, which produce the spores from the fungal component of the symbiotic relationship between the alga and fungus that constitutes a lichen.
Old elders (is that a tautology?) are often smothered with this yellow lichen, bringing the whole tree to life when it's lit by winter sunshine. X.parietina thrives in sites where there is plenty of nitrogen in the substrate, such as tree branches where birds have perched and left droppings.