This looks like it could be Phaeographis dendritica found on two seperate Aspen trees trunks (many small patches on each) located adjacent to a small stream. Everything short of a microscope examination seems to match the description except for the K+ve reaction which stays yellow not turning slowly red (even after 5 mins). The K was fresh and tested on a sample of P. argena with the correct Yellow-Red reaction.
A forum opinion would be appreciated as if it is Phaeographis dendritica then it would be the first record for VC38 Warwickshire.