Time is out of wack between iCloud Calendar & iPhone 4S

Everytime I enter an event in my Calendar in iCloud - I put in the specific time (I use 24 hour time, but does the same if I used 12 hour time). I enter a Track event for my daughter for 16:00 or 4:00pm, which is good the Calendar states it correctly. But when it syncs to my iPhone 4S it always show an hour later (17:00 or 5:00pm). It also works in reverse if entered through my iPhone - I enter 16:00 and iCloud Calendar shows 15:00.

My iPhone 4s iOS Software is 5.1 and my iMac Software is 10.7.3 What's up? Can anyone help or should I go to my not so local Apple store 40 miles away?

Thanking everyone in advance:

Charlie