A survey report will tell you the condition of a property at the time of the inspection. It is not a guarantee that no other defects will occur during your ownership.
A survey report will provide you with sufficient information (after carrying out any further investigations, etc) for you to decide whether or not to proceed with the purchase, or, whether to renegotiate the purchase price as a result of the findings of the report. It will not specifically tell you whether you should buy the property or not.
A survey report will tell you whether there is any evidence of settlement or subsidence to a property. It will not tell you whether any movement will or will not occur in the future.
A survey report will tell you whether there any are defects to the visible parts of the property. It will not tell you the condition of any hidden areas. However, if there is a reason to suspect defects to hidden areas, (e.g., damp walls at low level and lack of ventilation to a sub-floor void may cause dampness, rot and/or woodworm to hidden floor timbers) then the report should point out the risk and recommend further investigations are carried out before you exchange contracts.
A survey report will tell you the visible condition of the service installations. It does not include a test of service installations such as the electrical installation, heating system, drainage installation, plumbing installation, alarm system, etc. However, the survey report will recommend whether such installations require testing by specialist contractors.
A survey report will tell you whether any materials or products were noted during the course of the survey which may contain asbestos. However, this will not be an Asbestos Survey and will not include taking samples to test for asbestos content. An Abestos Survey and any testing of samples would need to be carried out by a specialist asbestos company.