Preheat oven to 325°F. Set aside a 10-inch, ungreased tube pan. (Greasing the pan may cause the cake to collapse.)
To a large bowl, add flour, sugar, baking powder, and salt. Whisk to combine.
Add egg yolks, water, oil, vanilla, and almond extract. Mix until smooth.
To the bowl of a stand mixer fitted with the whisk attachment, add the egg whites (you should have about a cup of egg whites) and the cream of tartar. Whip on medium speed until stiff peaks form, about 9-10 minutes.
Gradually fold the whipped egg whites into the batter, ensuring not to completely deflate the egg whites. Carefully fold in coconut flakes.
Pour the batter into the tube pan. Smooth the top with a spatula.
Bake for 55 minutes. Then, increase the oven temperature to 350°F. Bake for an additional 10-12 minutes. The cake is done when an inserted toothpick comes out with a few crumbs, but no wet batter.
Once baked, invert the tube pan onto a cooling rack to cool completely. (Or, flip it over onto a bottle or funnel.) This helps the cake maintain its structure and prevents it from collapsing.
Once cooled, run a knife around the edges of the pan to release the cake.
Garnish with flaked coconut and serve with whipped cream.