Utility Items are items that are usefull to the player and can never run out of uses. Here is a list of the currently known utility items as of 1.5.3.
Watch - Tells you the ingame time. - can be toggled with the O key.
Compass - Ingame compass - can be toggled with the K key.
Map - Ingame map - can be toggled with the M key.
Hunting Knife - Used to gut varies animals for food. animals it can be used on are; Cows, Sheep, Pig, and Goat. Press the mouse scroll over a dead animal corpse to select the gut option.
Matches - Used to make a fireplace at the players location, this lights an area and allows the cooking of gutted meat. Unlimited usage. Press the mouse scroll to create a fireplace, it requires the player to be on a flat surface.
Trenching tool - Currently unknown.
GPS - Shows your current position on the map.