  The extreme NLS1 galaxy IRAS 13224-3809 shows significant variability,
frequency depended 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 RGS spectrum shows no obvious signatures of absorption by
partially ionised 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 powerlaw AGN continuum, and a low-temperature (~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 $L\propto T^{4}$ relation expected for simple
thermal blackbody emission from a constant emitting area, indicating a physical
origin for this component.
