First prize may be given to any one of the $4$ boys, hence first prize can be distributed in $4$ ways.
similarly every one of second, third, fourth and fifth prizes can also be given in $4$ ways.
$\therefore $ the number of ways of their distribution
$= 4 \times 4 \times 4 \times 4 \times 4 = 4^5 = 1024$