I would treat any fungus as poisnous unless with someone knowledgable, remove it with gloves and dispose of it safely, explaing to the children to eat nothing from the garden unless you give it to them.
Better to be on the safe side

good idea, thank you.

I think it's one called The Prince, which would be very apt given the last few days' news! Although it's an edible species, I have to say I never taste anything unless I'm sure. Pretty certain that's what it is. Lovely looking thing, and will open quite wide, 6-8inches or so. Should have a nice aniseed smell. Normally in groups, so I think that's what you've got there. I would try eating it, but I'm NOT telling you to.

I'd get it fully id'd first before trying it.
as for the kiddies. show them it and stress never to eat anything from the garden unless mum/dad are there to say yes its safe. I have lost count of the number of times I was called to the fruit cage to say that the black and red currants were safe. Glad I always went as one autumn I had woody nightshade present.