How to edit footer in CTR theme?

Hi, I've just installed CTR theme on one of my sites and I'm fairly new to wordpress. I'd like to edit the footer (just add a privacy policy etc) but I can't seem to locate where I would make the changes in the footer.php or theme functions.php files. I know you can disable the 'powered by CTR theme' and even replace that with something else however that is not what I mean, I want to edit the info that by default appears to the left of the footer and says 'copyright' then your site name.

I've completely replaced the footer.php with this code:

<hr />
<div id="footer">
<p>
Powered by <a href="http://wordpress.org/" title="WordPress">WordPress</a>
<br /><a href="feed:<?php bloginfo('rss2_url'); ?>">Entries (RSS)</a>
and <a href="feed:<?php bloginfo('comments_rss2_url'); ?>">Comments (RSS)</a>.
</p>
</div>
</div>

and it did work but was sitting awkwardly off to the right (not the <p> text but the whole container box) If anyone could advise me on either how to align this new footer code in center with the rest of the site or how to edit the existing default footer that would be brilliant - Joe.