The extreme narrow-line Seyfert 1 galaxy IRAS 13224-3809 shows significant variability, frequency-dependent time lags, and strong Fe K line and Fe L features in the long 2011 XMM-Newton observation. In this work, we study the spectral properties of IRAS 13224-3809 in detail, and carry out a series of analyses to probe the nature of the source, focusing in particular on the spectral variability exhibited. The reflection grating spectrometer spectrum shows no obvious signatures of absorption by partially ionized material ('warm' absorbers). We fit the 0.3-10.0 keV spectra with a model that includes relativistic reflection from the inner accretion disc, a standard power-law active galactic nucleus continuum, and a low-temperature (similar to 0.1 keV) blackbody, which may originate in the accretion disc, either as direct or reprocessed thermal emission. We find that the reflection model explains the time-averaged spectrum well, and we also undertake flux-resolved and time-resolved spectral analyses, which provide evidence of gravitational light-bending effects. Additionally, the temperature and flux of the blackbody component are found to follow the L alpha T-4 relation expected for simple thermal blackbody emission from a constant emitting area, indicating a physical origin for this component.
