GN4 stores time in UTC format internally. The UTC time is recalculated for the local time zone in the standard time, so what you see in the user interface is not the UTC time. But, when you look at the GN4 XML, you will see the time as UTC.

To review the UTC time for your current time zone, check here: http://www.worldtimeserver.com/current_time_in_UTC.aspx - it will display what's the current time in the UTC format.

To learn more about UTC, see http://en.wikipedia.org/wiki/Coordinated_Universal_Time.