Indeed, you can't enter a space into a formula. However, if you are aiming for that esthetic look then there is a substitute sign you can use, it physical separates characters. There are a few of them, all under one category, pick second one from the back (if our memory serves us right). Since we do not have MS Office Word 2002 installed on this computer we cannot provide more detailed assistance.
to save you the trouble of clicking 5 or 6 times just to get some "space" between your characters, after you input the character once - hold SHIFT while pressing LEFT ARROW once thus selecting that character. Hold CTRL while pressing C once thus copying the character into Clipboard. Now, when you required a space simply paste it by Holding CTRL and pressing V once.
Hope it helps.