This waxy looking surface on a dead oak branch of a tree on the north boundary of Fox Wood among the line of Hornbeams suggests the decorticating fruiting body (basidiome) of the "crust fungus" Vuilleminia comedans (s.l.). It is described as soft, jelly-like and slippery. There are several photos on the internet showing this sort of colouring and thickness of the basidiome, as opposed to the translucent and very thin layers of the (apparently?) early stages. Presumably we are not talking about a parasitisation by a Hypomyces species?
The decortication seems very effective, allowing the basidiome to release its basidiospores and presumably colonise new "branch territory"! This species is said to be widespread and very common, so I obviously need to look for it more effectively. I imagine it is recycling the nutrients back into the leaf litter, perhaps ultimately for the tree's benefit.
There were extensive growths of Schizopora paradoxa on some of the dead trunks of Hornbeam:
and a closer view of the above:
This next should be Eichleriella now Heteroradulum deglubens, despite being found on Birch.
A good pinky tinged crust with a white margin on first sight, it blushes instantly to a dark red when rubbed - and also has bluish patches, as stated in Hugill and Lucas. Not commonly photographed in the FB groups at all despite its attractiveness, in my opinion.