Hello everyone and thank you for all the suggestions and advice so far. For everyone's interest, here are some better photos of it currently* and one I could find from April where the paint on the smoke box door looked pristine.
I'm still not sure what the mould or effect on the paint is but regardless, I should definitely give it a careful cleaning.
I may also (somehow) remove the old Black Paint and give it a fresh coat of Modern Paint that hopefully won't have some kind of chemical reaction (other bodyshells I have in the same place are completely fine).
Edit: Does anyone know if I applied isopropol alcohol by toothbrush onto the smokebox, if that might work in removing the old paint without having to submerge the entire body-shell (provided it's properly masked off) ?
*It does look dusty but the cotton bud shedded a lot of strands after I cleaned it. Secondly; when I brought it, I hadn't noticed the front steps were missing and sadly it arrived with the right hand side of the body shell snapped off, but I intend to glue it back on, replace the steps with 3D printed replacements and add a 3D printed Cab Interior eventually.