Here are all the details of how I have the system set up in my classroom. I'm not sure what info will be helpful to you, so I'm going to include all the gory details.
Ceiling mounted HD projector (about $800 or $900 at Tigerdirect. They had a package deal that included a ceiling mount for projector, and a nice 92" screen which was mounted on the wall at the front of the room.) Tigerdirect has a good tutorial to figure out how far to mount the projector to work well with the screen. I went with the16x9 format screen, and it is awesome. A "Mustang" screen.
Mounted the AppleTV to the ceiling just above the projector. Ordered a ceiling mount for the AppleTV through EBay. Faced the IR sensor on the AppleTV toward the screen. If I am using the remote, I would most likely be at the front of the class. Good "line of sight" so the remote works well. Can also bounce the signal from the remote off the screen. I would strongly suggest using the ceiling mount for the AppleTV. Don't just Velcro it to the top of the projector as you are likely to have vibration and heat issues.
Connect the HDMI cable from the AppleTV into the "HDMI in" on the back of your projector. If the AppleTV can connect to your school WiFi and you just want to use the speakers in the projector, you are done. Use your iPad, iPod, Mac or iPhone to Airplay wirelessly to your projector. As I mentioned, my school board wifi would not let my AppleTV connect to it. This is where we had to get a little creative. I had no wifi, therefore a useless AppleTV.
What I wanted to do was:
Get a classroom wifi network so that my Apple device could communicate to the AppleTV (wirelessly of course).
Get access to the school board's internet through this classroom wifi network so I could use the AppleTV WITH the internet.
Hook up a good set of speakers with subwoofer.
Have a wired drop at the front of the class by a desk, so when needed, another "Apple-less" teacher could wire their laptop into the projector. Also could use wires to connect a DVD player of VCR to play through the projector.
Let's look at each of the solutions.
Get an AirPort express wifi router. Plug it into an electrical outlet in your class. You don't need to plug in an internet cable if none is available. Follow the AirPort instructions to set up wifi. Follow AppleTV to connect to this wifi network. Set passwords on the AirPort and on the AppleTV. Don't want those creative students messing with your new wifi network or accessing your AppleTV. You can know airplay or mirror anything from your Apple device to your projector. You will not have access to the internet. Use Video downloader app to download any videos to your iPad then you can AirPlay them through your projector during your class, even though you have no internet connection.
I have an internet cable in my class (luckily) that was hooked to a desk top. The connection is cable to desktop. I changed that to cable into AirPort Express, cable out of Airport Express to the desktop computer. This lets the computer work on the school internet as usual. It ALSO now gives my classroom wifi internet access. This means I can wirelessly use my Apple device to airplay or mirror everything through the AppleTV. I was told by the board IT guy that this would not work. My little secret. It does. Really well. With no problems.
Sound. The AppleTV delivers sound into the projector through the HDMI cable. I attached a long (20 ft? Buy from MonoPrice. Don't faint when you see how inexpensive the cables are!!) audio cable out of the headphone jack audio out from the back of the projector, above the ceiling tiles to the front of the class down the wall to a metal box with various jacks in it. One of the jacks says audio out. The box has a connection that you plug your male end of the audio cable into the back. On the front of the box will be the female audio connection which you label "Audio out". Your powered awesome speakers will have a male audio cable "headphone" jack that you plug in. Now change the setting on your projector to external speakers. The sound will now come out of the speakers at the front of the class. The sound will be MUCH better than the projector speakers. The projector speakers are generally not good enough for a classroom setting. Can also do stuff like go to your music on your iPhone, swipe up, select airplay, select your classroom wifi, and rock out to Alice Cooper's "School's Out For Summer" after your last class in June. ...or whatever music you like...
Plug the appropriate cables into the back of the projector in the "IN" slots RCA right, left audio, RCA Video, computer in cable. Run these cables along the same path, into the same box as the audio cable. Attach appropriate connectors. Label these connectors on the front of the box. Now you can plug in a laptop if you want (but why??), or show a video or DVD through you projector.
Hope this helps. Fly me out to your school and I'll set it up for you!