How do I change the format for the date and time in a report?

Select the report, and copy it (using the Copy button).

Give the copied version a new name (double-click on the name and type the new one in).
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With the renamed report selected, click the Edit button.
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In the Report Editor, select the date field that you want to change (in the example below, the field is called [ReportEventStartDate]).
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Under the Label Tasks section, look for Text Format String, and select the three dots to the right.
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You'll see the window below open up.
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With the DateTime category selected on the left, click on Types on the right, and scroll to see different options.

The Preview window shows you how your choice will appear.

Once you're happy with your choice, click OK to save the new string.