I was wondering on how to change the copyright?
It reads like:
2014 Magento Demo Store. All Rights Reserved.
As @robfico said. Plus don't forget to clear the block cache afterwards (System > Cache Management). Otherwise you won't be able to see your changes.
I tried that from admin panel and also flush the magento cache as well as block from the system, but it didn't work.
Any other way to change the copyright.
My link is http://arcanddesign.com/test/
There are two suggestions for you:
1. You find in configuration: System -> Configuration -> Design -> Footer -> Copyright, and then clear all your Magento Cache please.
2. You try to search the text throughout your project: "2014 Magento Themes Demo Store"
You can follow this tutorial to change copyright text in footer
Open Magento admin panel and navigate to System -> Configuration tab: Select the needed store view under Current Configuration Scope tab on the top left: Click Design tab and scroll down the page to Footer section. Here you can edit/removecopyright notification.