The components on this page conform to the following rules:
This panel gives the currently (continuously updated) details about the current time as set on this machine. The bias from UTC is the currently active bias which, when ADDED to UTC will give the local time.
The Set Time... button will bring up the following small dialogue box:

You can set the time using an SNTP server. Just pick one from the drop-down list or type your own in and press Set. A word of warning: I have used code reused from Valer Bocan as published in The CodeProject (thanks to him) but there is no error trapping in the code. If your machine is not connected to the SNTP server then it will crash the Timelord.
Alternatively you can set the time manually using the Date Time Picker control and pressing the Set button.
This panel gives you the details about the time zone currently set on this machine.
These are all the properties exposed by the .NET API for the current time zone. If (as in the picture above) the time zone supports daylight savings time then the DST adjustment rules panel will activate showing all the dynamic settings for DST.