Poo? Fungus? Help me out here. Whodunit?

Hello, a delicious question for anyone and everyone out there...

I spotted this (I'm gonna go with poo) trailing down a large tree at the perimeter of RSPB Fowlmere, we can't for the life of us decide what could have produced it, unless the local badgers have started climbing trees. 

It's an aspect of the reserve where I often hear birds of prey but this was a real sizable...contribution.

Any and all guesses appreciated!

I will be returning to the scene of the crime just to make sure it's not someones regular haunt x  

Warm wishes.

*I'm starting to think this is something like a King Alfred's Cake fungus, my family will be devastated it's not the Badgers, not an embarrassing post at all.*